What is short sale

I am sure there is lots of information on the board in regards to short sales...When a home is being sold, and the sales prices is less than the total liens against the home. For example, if you are selling your home and sales prices is 100,000, but the liens against the properties total 150,000, the sale is considered a Short Sale.

It is common for the home being short sold is bank home or in default but it does not have to be. A homeowner can still short sale their property without being in foreclosure or behind on payments.

The process takes 3+ months the current lien holder has to approve the transaction, it is not uncommon to have to wait 6 months to complete

its a property sale negotiated with a mortgage company in which a lender takes less than the total amount due; A sale of a security that one does not own, delivery obligation met by borrowing the security from another owner

short selling is the process of selling your home for less than its worth

Short selling is the selling of a stock that the seller doesnt own or we can say that short sale is the sale of a security that isnt owned by the seller. Once the stock price goes down, the seller buys it again from the market and settles the transaction