What Is A Short Sale?
I regularly get this question asked buyers as well as sellers, many of them have no clue and many of them have heard the term short sale but have no idea what it is. So, I decided to answer this question base on my understanding.
Short sales come in different types and shapes as residential family homes, condos, multi-family units and vacant land, basically any property that sells for less money than the balance owing on its mortgage.
An example would be if someone bought a home at the pick of the market for $250,000 and now the home is worth only $150,000, if the homes sells at current market value that would be a short sale because the amount of the sale will not cover the amount owed on the mortgage.
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