What is a Short Sale?
A short sale is a sales transaction for which a seller's mortgage lender voluntarily agrees to accept a loan payoff of less money than what is owed on the mortgage loan. In a short sale, the property may or may not be in foreclosure. However, homeowners may consider short sales as a viable option for avoiding foreclosure.
C.A.R's Open Letter on Short Sales
C.A.R. recently published an open letter in several newspapers statewide calling attention to the challenges consumers and REALTORS® face when conducting short sale transactions.
To view and get more information regarding C.A.R.'s recent open letter regarding Short Sales, please click here.