What is a Real Estate “Short Sale?”

As foreclosure rates hit record levels, more sellers are turning to short sales as a way to deal with their housing situation and avoid foreclosure. So, what is a “short sale” and how does a short sale work?

“What is a short sale?” is a question on many people’s minds these days. A real estate short sale is a real estate transaction where a mortgage company looks to cut their losses by agreeing to a reduced payoff of their loan in exchange for not having to foreclose on the property. This is accomplished by the seller arranging with their mortgage lender to accept a price that’s less than the amount they owe on the property.

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