WHAT IS A SHORT SALE?
A short sale is a sale of real estate in which the proceeds from the sale of the property falls short of the balance of the debt owed under a mortgage/deed of trust secured by the property. In many instances, the property owner cannot afford to repay the balance of debt of the mortgage/deed of trust and the lender agrees to release their lien on the real estate and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency. Short sale agreements do not necessarily release borrowers from their obligations to repay any deficiencies of the loans, unless specifically agreed to between the parties. A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower.
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— Joel L., Seller, Ocean City, MD