What is a Short Sale?

What is a Short Sale?

In short (pardon the pun) a short sale is a real estate transaction where the proceeds from selling a home is less than the outstanding debts secured by liens against the property.

A short sale is undertaken by a homeowner who cannot meet their mortgage payment.  The bank or institution who holds the mortgage agrees to the short sale because it rids itself of future losses in the form of foreclosure penalties or auction fees.

To get a full report on Short Sale vs Foreclosure CLICK HERE!

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