A short sale is when a lienholder, typically the mortgage company, agrees to release their lien for less than what is owed to them.
Here's an example:
Mortgage payoff from seller: $300,000
Market value on property is $275,000
The "short" is $25,000
Short sales typically take a bit longer than a typical sale so buyers will need to keep that in mind.
If you would like more information, feel free to contact me.
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