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What is a Short Sale?

A short sale is the sale of a real estate property in which the proceeds from the sale fall below the balance owed on a loan secured by the property's previous sale or refinance. In this case the lender agrees to take less than the amount owed on the debt, in return for the sale of the property to a third party, usually at no cost to the borrower.

A short sale is a win-win solution for the home owner and the lender. The lender gets the highest price for a quick sale at the current market price. The borrowers usually get relief from all of their mortgage debt, the overwhelming possibility of  future legal actions and deficiency judgments, as well as  further credit damage.