Technically speaking, it is when the proceeds of the sale are not enough to cover the amount of your outstanding loan balance. So, if you have a property which is for sale at $300,000 and you owe $350,000 on it, you have a shortfall of $50,000 plus whatever the transaction fees you might find. That would be a short sale. In fact, even if the home would sell for $350,000, the amount of loan with the extra transaction cost for the sale of the home, you would still have technically short sale. Now … (0 comments)
What is a Short Sale?
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