Big Difference -Home Foreclosure vs. Short Sale

In a short sale, home owners ask their lender to accept a buyer’s offer that is less than the amount needed to pay off the balance of the mortgage.  Lenders who agree to a short sale also typically agree to forgive the remaining debt.

Many call short sales a win-win for lenders and homeowners.  The homeowner avoids foreclosure and banks avoid the cost of carrying the property through the lengthy foreclosure process, not to mention the hassles of selling an empty property in a market saturated with other foreclosures. *To read the full post, please visit the San Diego California real estate blog