Things to know about a Short Sale
- Defined: A Short Sale is simply a sale where the seller owes more than the property is worth and cannot or is not willing to come up with the cash to make up the difference and asks the lender to take a short payoff when the property sells. Also known as, upside down, under water, pre-foreclosure.
- The Seller still owns the property not the lender. The short sale is a contingency to the contract.
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