A short sale is basically quicker and not as expensive as a foreclosure. A short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.
This was a very short explanation of what a short sale is.
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Tags: foreclosure, Foreclosures, lien holders, Real estate, short sale