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July 30, 2009

What is a Short Sale

Many homeowners are asking "what is a short sale?" Rumors are flying around the Internet suggesting everyone who is struggling to make ends meet can sell their home for less than they owe and walk away from their property. While there is a portion of truth to this, borrowers must meet certain criteria before being allowed to short sell their home.

Today, I would like to provide an overview of what is a short sale to clear up any confusion you may have. 'Short sale' is a real estate industry term used when a lender accepts a discounted payoff on a mortgage loan. Short sales offer homeowner's who have defaulted on their mortgage an opportunity to sell the home for a lesser amount than is owed and avoid foreclosure.

Real Estate Investing article on "What is a Short Sale"

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