What is a short sale?

A short sale is where a bank or mortgage company accepts less than what is owed on the mortgage balance when the house is being sold.  In other words, if a homeowner owes more than the house is worth, the lender will agree to accept cash proceeds from the buyer, which is less than the full loan payoff amount.  Short sales are also called “short payoffs” or “short pays.”

If you have any questions about short sales, please contact us.  We are here to help.