The long and the short of Short Sales
What's great about Short Sales? We're glad you asked! In a nutshell, Short Sales make it possible for home buyers to get a great deal on their next home, and for homeowners who are unable to make their mortgage payments to avoid foreclosure.
Here's how it works:
A short sale occurs when a homeowner sells their home for less than (short of) what they still owe on their mortgage, and the bank agrees to accept the proceeds from the sale as payment in full of the loan balance.