A short sale is a term that describes a real estate sale in which the proceeds from the sale are a lesser amount than what the bank’s loan is. This often happens when a borrower cannot afford to pay on their mortgage, but the bank feels that selling the property at a moderate loss will be better than pressing the borrower.
Both parties need to agree to the sale, which ultimately, helps avoid foreclosure as well as heavy fees for both parties and a poor credit statement as well.
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