WHAT IS A SHORT SALE?
A Short Sale is when any lien hold on the subject property is taking less then what they are owed in order to get the property sold. The lien holder that is taking the short pay also has to approve the sale. Example: If there is a 1st and a 2nd on a property and the property is upside down to the point that the first is taking a loss, the second will also have to accept a loss which means both lien holders will have to approve the sale.
IS IT RIGHT FOR YOU?
There are several advantages in leveraging short sale: