A short sale involves a real estate transaction where the net proceeds at closing will not satisfy the payoff amount of mortgages and other liens on the property. The deficiency in funds is because the seller us attempting to sell the home to the buyer for an amount less than the amount owed to the lender and other lienholders (if any).
Sometimes, because of depressed market conditions, a mortgagee will allow a property secured by a mortgage loan to be sold for less money then what is owed the lender. The lender releases its mortgage so that the property can be sold free and clear to the new purchaser. The lender decides to cut its losses by agreeing to negotiated sake rather than the delay and expense of a foreclosure action.
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