Good question! A short sale is where a seller has listed their home for less than the mortgage value of the property. For example, say the market value on a home is $150K but the seller owes $170K. The seller must sale, though. One option is to list as a short sale, wherein the seller seeks the permission of their lender to sell the home at a loss. There are some consequences and risks to both sides (on the buyer side, the risk is primarily investment of time). Always consult a tax or legal professional as needed; this post is not legal advice.
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