Short Sale DefinitionYou’ve heard about it and you are looking for a short sale definition. Everybody’s talking about the newest way to prevent foreclosure, but not everybody understands exactly what it is. A short sale or short payoff sale is when a third party (real estate agent or investor) or homeowner negotiates a discount on the payoff amount due to a mortgage company. This typically is done for a homeowner who is behind on mortgage payments and facing foreclosure. It can be done when a homeowner is 90 days late (sometimes less) on their mortgage and has no alternative to settle up and not enough equity to sell fast. Here is a link to a great definition from Wikipedia.com: Wikipedia's Definition of a Short Sale Mortgage companies take big losses when they foreclose on a home and will many times do anything to avoid it. A short payoff is a viable alternative to taking the house back and it is becoming very popular. Taking the time to learn how to short a mortgage loan can open up a huge untapped market that is growing by the day. Now that you know how to define a short sale, look for our educational resources for those interested in learning more. Get Our Free E-Course Training Guides and Tips
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