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Can anyone explain a real estate “short sale” to me in laymens terms?

April 26, 2017buying explain laymen Real Estate Selling short sale terms

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Can anyone explain a real estate “short sale” to me in laymens terms?

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Short sale: lender agrees to sell a house for less than what is owed on it. You owe $400K on a home that is now worth $250K. The bank agrees to sell that house to the next person for anything less than what is currently owed on it. That is a short sale.