Understanding the Short Sale Transaction
March 6, 2013
A “short sale” is a real estate transaction in which a home seller’s mortgage lender agrees to accept a payoff that is less than the amount owed on the mortgage. When homeowners find themselves with a serious financial hardship, and owe more on the mortgage than the home is worth, a short sale may be a way to avoid foreclosure by negotiating a settlement with the lender.
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