short sale: What is a Short Sale?
- 09/26/11 12:19 PM
It's been a few years since the market fell apart, but I still get this question at least weekly... What is a short sale? To put it simply, a short sale is an agreement of terms in which the lien-holders of a loan on a home agree to accept less than the amount that is owed from the borrower on the home, through an offer by a 3rd party buyer. The inability to pay the remaining debt is usually a result of financial hardship on the part of the homeowner, accompanied by a substantial decrease in property value. This is seen (2 comments)