Business and Legal Documents

A short sale occurs when the owner's outstanding loans against the property are bigger than the market price of the property. That is, the lender agrees to accept with the price that the property can be sold for even if it's lower than the outstanding loans. With short sales, both homeowners and lenders can avoid lengthy foreclosure proceeds. In short sales, the decision maker is the lender, not the seller. So even though the seller accepts the buyer's offer, the deal may not be made when the lender doesn't accept it. This can be one of ...