What is a Short Sale?
- TOCR Real Estate School
- Mar 6, 2023
- 1 min read
In a short sale, the property is being sold for less than the debt secured by the property. Short sales will require the approval of the seller’s lender(s) as the proceeds of the sale will be just “short” of the amount owed; most lenders’ processes of approving short sales are long and drawn out, requiring more time to close than a traditional sale.
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The house is sold for less than the seller owes in a short sale, meaning the lender will only receive their entire investment. Therefore, the sale requires the consent of the initial lender.
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A short sale in real estate is an offer to purchase a property for less than what is owed on the mortgage of the present owner.
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