What is a Short Sale?

In the last few years, a lot of people who own homes have found themselves in circumstances where they cannot afford their house payment any longer. This can be due to any number of reasons including short-term-interest-only loans or their home’s value is a lot lower than the loan they signed up for. There are options available to such individuals in these situations including one called a “short sale”. It is best defined as a property or home that is sold at a lowered price and the lender would want to gain “some” money from the property versus no money at all and keeping inventory.