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Questions and Answers: What Exactly Is A Short Sale?
Questions and Answers: What Exactly Is A Short Sale?
A short sale occurs when a home is sold for less than what is owed on it.  It often means that the owner has an outstanding mortgage loan balance this is greater than what the owner can sell the home for in today's real estate market.
That is the most common application of the term short sale in real estate today but there are other meanings too.  It could simply mean that the home is being sold for less than what the owner paid for it, irregardless of how much is owed since the home could be owned free and clear but still worth less than what the owner paid for it.  Technically that is still a short sale.
Typically, when a home is a short sale, a buyer makes an offer that the seller accepts subject to the approval of a third party (the bank holding the mortgage).  Once the buyer and the seller agree on price and terms, it's up to the seller to take that agreement to the bank and obtain approval from the bank (or banks if there is both a first and second mortgage - the second mortgage could ... more

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