What is a Short Sale? In this case, the homeowner has usually stopped paying th…
What is a Short Sale? In this case, the homeowner has usually stopped paying the mortgage. In addition, the home is worth less than what they owe the lender. If they’re able to (1) find a buyer and (2) get the lender’s blessing on the deal, the lender will accept a portion of the total loan payoff amount The lender is left short, hence the name. Short Sales are sometimes great bargains for buyers, but know that buying a short sale property can take months. The home comes without any disclosures
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