A short sale is a sale of (usually residential) real estate in which the proceeds from the sale of the property is less than the amount of the mortgage owed on the property. The homeowner cannot afford to pay the balance of debt out of pocket. The lender must then agree to release their lien on the property by accepting less than the amount owed on the debt - hence the term "short" sale. Short sales are considered alternatives to foreclosure which are burdensome to the lender financially, less of a credit hit to the homeowner, prevents too many vacant homes in a neighborhood and can be good deals for buyers because they are usually in better condition than foreclosed upon homes.
I have handled many short sale listings during the last real estate downturn between 2008-14. I have now also hooked up with short sale negotiators to assist in the negotiations with lenders.
Call me today for a private consultation on whether you should consider short selling your property.