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Understanding Real Estate Vocabulary • August 20, 2024

What is a Short-Sale: Understanding Real Estate Vocabulary

by Luke DeLacey

This is a transaction where the lender(s) agree to accept less money for the sale of the home than is still owed by the homeowner on the mortgage. Though a short-sale may be better than a foreclosure for both parties, the homeowner will still experience damage to their credit score and walk away without making any money on the sale (as it all goes to the lender). 

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