When a seller is upside down on their mortgage payments, they can sometimes get the lender to agree to a short sale, whereby the lender consents to release the mortgage for an amount less than what's owed.
Occasionally. Most people hear the words "short sale" and automatically think of a seller that is in default and needing to sell their home promptly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these cases the reduced price may in fact be consistent with actual market values, not below.
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