What is a Short Sale?

October 24th, 2009 |

A short sale is a win-win solution for the homeowner and the bank. The homeowner avoids a foreclosure, which is like “death” to their credit. The bank is often willing to discount the loan amount and sell the home, taking a loss, to avoid having to keep a “non-preforming asset” on their books. The bank accepts a discounted payoff, meaning the bank gets paid less than the full loan amount owed. So, the home is sold, the mortgage or deed of trust is satisfied (paid off) and you avoid a foreclosure or bankruptcy.

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