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What does short sale mean in real estate mortgage terms? How does it differ from foreclosure?

April 26, 2017differ foreclosure mean mortgage Real Estate short sale terms

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What does short sale mean in real estate mortgage terms? How does it differ from foreclosure?

1 Answer

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10 Posted

A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for. Like if you owe more than the property is worth because of a failing economy or a neighborhood change. It has nothing to do with foreclosure. Read the full context of the statement around it and it will instruct you what the lender means.