selling: What is a Short Sale? Short Sales Explained - 08/11/09 12:52 AM
A Client of mind just emailed me and asked me to explain a short sale.  I thought I would explain it here on the blog.
Basically the seller of a home owes more than what the house is worth.  Maybe they bought the home recently at the height of the market or refinanced too many times and no longer have equity.  Then the seller has a financial hardship, perhaps a job loss or illness, and can no longer keep the home.  The short sale is a way to avoid foreclosure and sell their house without damaging their credit as badly as … (2 comments)