What is a short sale?

There is a great deal of confusion when the term "short sale" is used in conjunction with a real estate transaction. It means that the owner of the property does not have sufficient equity in the property to transact a sale without a loss or to say another way, the mortgage balance plus closing costs exceeds the current market value of the property. Often times the owner is behind in the mortgage payments, facing foreclosure, and at a loss as to what to do.

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The Short Sale Process ┬╗