New User. What is a short sale, what are the benefits, and how does the process work. I do have 2 rental properties, but looking at other real estate investment strategies. Thanks.
Read through the forums you will find out.
From the “Investing Glossary” in the left column:
Short Sale - A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes