Short Sales

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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Residential Mortgages

Section 40 of 41

A "Short Sale" is an alternative to foreclosure, often used when the property value has dropped.The Definition: The sale of a property where the sale price is less (short) than the outstanding mortgage balance, and the lender agrees to accept this lower amount as payment in full.The Requirement: The bank must approve the sale.Why do it? For the Bank: It is often cheaper and faster than a year-long foreclosure legal battle.For the Seller: It does less damage to their credit score than a full foreclosure.