A short sale is a real estate transaction in which the proceeds from the sale fall short of the balance owed on a mortgage loan. In other words, the homeowner is “underwater” on their mortgage, meaning they owe more on the property than it is currently worth on the market. In this situation, the homeowner may choose to sell the property for less than the outstanding mortgage balance, and the lender agrees to accept the proceeds as full payment for the loan. Short sales can be a good option for homeowners who are struggling to make their mortgage payments and facing foreclosure. It can also be a good option for buyers looking for a good deal on a property, as short sale properties are often sold at a discount compared to similar properties on the market. However, short sales can be a complex and time-consuming process, as the lender must approve the sale and negotiate with the buyer. It is important for both buyers and sellers to work with experienced professionals to navigate the process and ensure a successful transaction.
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