Short Sale

What is a Short Sale?

A negotiated workout in which the lender(s) accepts less than the full balance due on the loan(s) as part of a deal in which the borrower cooperates with the lender to obtain a quick sale. The lender(s) stop foreclosure, which would take time, cost money and expose the house to vandalism, further declines in market value, and marketing costs for resale.

 

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