One Louisville couple figured that the two-story colonial house they bought on Bashford Manor Lane in 2003 would be their residence for the rest of their lives. Now, one refers to the former dream home as “the albatross that hangs around my neck.” One of them has a job offer in New York, but they are finding that if they sell their Louisville home, they’ll get at most about $15,000 to $30,000 less than what they owe on the mortgage. Like other Louisville couples, they are thinking seriously about a “short sale” of their home, which is a fairly new concept inside and outside the Louisville real estate market. In a short sale, a mortgage lender agrees to accept less than the borrower owes on the home loan and to forgive the difference in price. From the lender’s perspective, it can be an attractive option. They can occasionally receive more money in the short sale of a home than they would if they foreclosed on the property and sold it. By short selling, they can also avoid legal fees and the costs of maintaining a vacant Louisville home. From the struggling homeowner’s perspective, short sales are attractive because they are less stressful and confrontational than a foreclosure and their credit rating doesn’t take the beating from a foreclosure. In a short sale approval, the lender must agree in advance to take a loss, and bankers are understandably reluctant to lose money on their investments. Short sales create unique opportunities for savvy Louisville real estate buyers. If you’re thinking about buying a Louisville home, call 502.744.9504 or browse the real estate listings on this site for the area’s best selection of Louisville homes for sale.