THIS IS A SHORT SALE. If it's been a while since you've come across one, or you're seeing this term for the first time, here's what it means: the sale price is less than what is owed on the mortgage and the closing costs of the sale, so the Seller's lender must approve the transaction in addition to the Seller. This adds an approval step to the process and can extend the closin…
Source: Real Estate Property Source Bright MLS
* Estimate reflects principal & interest only — excludes property taxes, homeowners insurance, mortgage insurance, and any HOA/condo dues if applicable, all of which affect your actual payment. Contact a mortgage professional for additional figures.
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