What is a Short Sale?

Posted on December 13, 2008
Filed Under Short Sale |

When you owe more on your home than it’s worth you may want to do a short sale. In a short sale the bank forgives some of what you owe them. It’s more cost-effective for a bank to do a short sale than foreclose on a home.

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Comments

One Response to “What is a Short Sale?”

  1. RobertGary1 on December 13th, 2008 12:46 pm

    I wish they would …
    I wish they would have used a better term than “short sale”. In the finance world “short” means that you sell something you don’t own, then buy it back (hopefully at a lower price) when you have to give it back. We short stocks all the time.

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