SHORTSALE
Short sale
A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the liens' full amounts and where the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency. Short sale agreements do not necessarily release borrowers from their obligations to repay any shortfalls on the loans, unless specifically agreed to between the parties. However, in California, legislation was passed to preclude deficiencies ...The above text is a snippet from Wikipedia: Short sale (real estate)
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short sale
Noun
- 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.
- A sale of a financial security, commodity, or other good that one does not own with the contractual obligation to make delivery of the good to the buyer at a date in the future.
The above text is a snippet from Wiktionary: short sale
and as such is available under the Creative Commons Attribution/Share-Alike License.