Short-Sale

Well....Jason and I have officially placed an offer on a home here in Salem.  We are excited, and I think a little shocked that it all happened so smoothly so far.  We hope that it continues in that same manner, since the home we put an offer on is a 'short sale.'

 

Dictionary Definition: A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property and the property owner cannot afford to repay the liens' full amounts, whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.

vs.

Bernard Definition: A short sale is a sale that allows us to afford a home that we otherwise would not have been able to purchase.  But, due to the fact that other people can also place 'bids' on the home, don't get to attached to the dream of owning that home until, and only until the bank has approved your offer, and the papers are signed.

So, needless to say we LOVE the house that we have found, and I have pictured our future family making so many great memories at that place...but another part of me is afraid to get to attached, which is probably smart considering. 

Hopefully, our 'short sale,' will actually live up to what its' name is...SHORT.  We would love to just know, but we also know that we are going to have to wait, so waiting is what we will do.  Maybe we will have some exciting news, and then I can post pictures of the house....would love to call it "Our Home."