What Is A Short Sale?
A Short Sale is when:
A homeowner is authorized, by the bank, to sell for less than what is owed on the mortgage.
The lender authorizes or accepts the sales price as a payoff.
The seller avoids a credit-destroying foreclosure, and sometimes they can also avoid a deficiency judgment.
The seller won't get any money at closing, yet they will avoid the financial and emotional damage that a foreclosure can cause. During our negotiations with the bank, I work to include a favorable wording for the forgiven debt of the mortgage, which can help the recovery of the homeowner. And I am able to do so in many circumstances.