The Money Pros are standing by to take your questions.
Q. Can I do a short sale even if I am not at risk of foreclosure?
Marcus Rutkowski
A. Yes. A short sale proceeds just like any other home sale, with one exception: the seller needs approval from the bank holding the mortgage to complete the transaction.
Sellers who are underwater, because they owe more to the bank than their house is worth, or simply won’t net enough from the sale to pay off all the closing expenses, can request that their bank take less than the amount owed.
It is up to the bank to make the ultimate decision to agree on the sale and allow the deal to close.