new york short sale
June 17th, 2009 No comments

For better or worse, short sales will be a common part of the real estate transactional landscape for the foreseeable future. It makes sense, then, to understand why they exist and how, exactly, they work. A short sale occurs when the value of a property is less than outstanding balance on the mortgage or mortgages affecting it and the mortgage holder(s) agree to accept less than the amount owed to them in order to facilitate the sale of the property.