The Skinny on Short Sales
Finance can be a bit tough to handle especially when it comes paired with dreaded terminology. However, have no fear because we’re here to help break down this consuming and complicated terminology for you and make it as simple as pie. Let’s start with the term short sale. What is a short sale you ask?
Well, a short sale is when a lender of a mortgage is allowing the owner of a home to sell that property for an amount that’s less than what they really owe. A real estate short sale occurs when the lender and borrower decide that selling the property and absorbing a moderate loss is preferable to having the borrower default on the loan. Make sense?
It’s easy, you’re almost a pro now! For more on short sales and to become a guru in finance terminology, check out the videos above.