What is a Short Sale?
What is a short sale?
Put simply, it is the sale of a home which the amount owed to the lenders is more than the amount that the home is being sold for. Instead of you the homeowner having to come out of pocket to complete the sale, the sale is completed through negotiations with your lenders in which they agree to accept a discounted payoff of the amount you owed.
If they choose to accept the discounted pay off this process usually saves them thousands of dollars here in California.