What does short sale mean?
A short sale is an arrangement between a homeowner and their lender, which allows the homeowner to sell the home for less than the amount owed on the mortgage note.
Short sale comes from selling short or short payoff, which means that the lender will be receiving proceeds for less than the full payoff on the loan plus fees and interest.
Although short sales have been around for decades, short sales have become very popular since the financial collapse of 2008.
To learn more about short sales, you may want to check out:
How will a short sale help?
What are the drawbacks to a short sale?
If you have any further questions about short sales, please contact us.