A “Short Sale” in real estate refers to a sale that takes place when a homeowner sells their property for less than the amount that is owed on the mortgage. In some cases, the lender can go after the homeowner for the remaining balance. Also, the lender must approve the short sale in order for the transaction to go through. If your lender is presenting you with a short sale, you should speak with a real estate attorney to discuss your options as a short sale is rarely the best option, and most certainly not the only option. Contact Prime Law Group today for a free consultation.
