No Comments

What is a Short Sale in Real Estate?

short sale

In the real estate world, a short sale refers to the sale of a property at a price that is lower than the mortgage value. The process involves the homeowner convincing the mortgage bank to approve the sale so the homeowner can get out of the mortgage. Once the sale is made, the bank either forgives the deficiency (the remaining amount due on the mortgage) or asks the borrower to pay part or all of it. The sale proceeds always go to the bank.

Read more