This is probably one of the most common questions these days so I'm going to take this opportunity to give you a brief overview of what the term shortsale means.
Short Sale (Short Sell, Short Pay, Pre Foreclosure Sale,).
Explanation: Short Sale is a Real Estate Sales Transaction where the proceeds of the sale fall short of the property owner's unresolved real estate money owing obligations (mortgage loans, real estate dues, commissions, etc.).
A lender may be in agreement to modify the amount to be paid on the mortgage and accept less than a full payment, by selling the property to a third party, and pardon the balance, if the seller is in financial hardship.
If you know of anyone in the NYC area that is in need of a detailed analysis of their property to determine if they are a candidate for short sale marketing please contact me directly at 646-294-2561 or email me at ProRealtor@verizon.net
To find the value of your home with a FREE, over-the-net home HIGHEST Price Analysis, please visit: http://www.newyorkmarketvalue.com/