What is a short sale?

Question

What is a short sale?

Answer 1

when you sell a home where your loan is higher in balance than your sales price.  

Now in US market you are seeing a lot of that.  In some cases lender forgives you the remaining balance, in some you have to pay the remaining.  This is of course if you are home owner. :)

Answer 2

a short sale is when the lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor (borrower). You can find out all you need to know about short sales at www.deangraziosi.com

Answer 3

A short sale is when the bank who holds the mortgage agrees to take less than you owe as payment in full for the loan.  It is tricky and takes a lot of time and hard work, but with the right Realtor and loss mitigation manager, it can be done.