Understanding Short Sales

 

What is a Short Sale?

A short sale occurs when a property sells for a price that is insufficient to pay back the loan(s) secured against it. In order to complete such a sale, the Seller's lender(s) must agree to forgive all or a portion of the debt.

In a short sale, the bank agrees to discount a loan balance because it will incur a smaller financial loss than foreclosure. Borrowers are able to mitigate damage to their credit report. It is a win-win solution. The end result is your home is sold, the loan is satisfied (paid off) and you avoid a foreclosure or bankruptcy in the event of economic or financial hardship. Read more.

 

Short Sale Required
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