What is a Short Sale?
A short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the actual mortgage. A short sale is generally agreed to by the seller to prevent foreclosure. Many times a lender will allow a short sale when it believes it will result in a smaller financial loss than a foreclosure. For the homeowner, the advantages of agreeing to a short sale include avoiding a foreclosure on their credit report. Foreclosures, generally appear on the credit report much longer than a short sale. In summary, a short sale is negotiating with a lender to get a payoff that is less than what they are actually owed.
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