Basically a "Short Sale" is when you negotiate with a bank or lender to get them to accept a lower payoff amount than the total amount owed on an existing mortgage or loan. For example, a seller owes a 100k on a loan and you get the lender to accept 75k as the total payoff. Keep reading under the Short Sale forum – there’s a lot of good info there.
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Greetings Leatherneck,
Basically a "Short Sale" is when you negotiate with a bank or lender to get them to accept a lower payoff amount than the total amount owed on an existing mortgage or loan. For example, a seller owes a 100k on a loan and you get the lender to accept 75k as the total payoff. Keep reading under the Short Sale forum – there’s a lot of good info there.