The subject of "Short Sales" is always coming up. We are asked what it means, how and why it's done.
The nutshell answer...
The lender may agree to this to avoid the foreclosure as well. Why? Foreclosure is costly to them and they will likely only get market value anyway.
With a short sale, the seller must have the lender's approval to convey the property. If the lender does go along with the process, it saves the seller not only the cost, but the embarrassment and emotional drain of a foreclosure... there maybe less credit damage as well.
If you have questions, contact me...we have plenty of experience and success on both the selling and buying side of short sales.
Part 2 Selling your Home - Is Short Sale YOUR Best Option?
Part 3 Buying a Short Sale - Is it for You?