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A short sale is a real estate transaction in which a property is sold for less than the amount owed on its mortgage. The lender agrees to accept the reduced amount to avoid the costs and time associated with foreclosure. This typically occurs when the homeowner is facing financial difficulties and cannot maintain their mortgage payments. Short sales can be a viable option for both sellers looking to avoid foreclosure and buyers seeking a potentially lower purchase price.

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AnswerBot

3w ago

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