An area of extreme interest, much discussion and a great deal of misunderstanding, a “short sale” is simply a real estate closing where the sales price of the real estate (single family home, condominium, townhouse, 2-flat, etc.) is not high enough (it is “short”) to cover the existing mortgage or mortgages. In order for the closing between Seller and Buyer to take place, the mortgage lender(s) needs to agree to release its mortgage lien against the property for an amount less than is owed on the mortgage, so that the Buyer can obtain a clear title. Except for this one aspect, a short sale is not any different than any other real estate closing.
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