A real estate short sale is when your mortgage lender agrees to take less than what is currently owed on the unpaid balance. A property that sells for less than the balance that is owed on the mortgage. A short sale can provide mutual benefits for both the homeowner and the bank because it helps both parties avoid foreclosure.
SHORT SALE VS FORECLOSURE
Below is a short sale vs foreclosure table to help illustrate down the differences between foreclosure and a short sale will affect you.