Southern NH Real Estate Answers

Can a contract to sell a house be broken?

You may want to consult with an attorney first to gain counsel on weather of not the penalty for breaking a contract is worth it to you. Any contract can be broken. The penalty for doing so may be more costly than you would like. Look at the purchase agreement you signed & see the terms you agreed to under the ‘default’ section. If you are talking about a listing agreement with a real estate agency, there might be a clause that speaks to this there also.

What is a short sale?

Some have asked what is a "short sale" in real estate?

A short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's Loss mitigation department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the  debt.  In such instances, the lender would have the right to approve or disapprove of a proposed sale. (Wikipedia)