What is a “Short Sale”?

A “short sale” is a real estate transaction where the proceeds of the sale will not generate sufficient funds to pay the debt(s) secured by the property (and the seller is unable to pay the difference) and, therefore, any creditor(s) with a security interest in the property must consent to receive less than what they are owed in return for releasing their lien on the property. The fact that a creditor may release its lien to allow the property to be sold does not mean that the creditor will forgive the unpaid balance due on the debt (which is often called the “deficiency” balance).

Rob Russell2020-10-28T09:17:05+00:00

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