What is a 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.

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A short sale is when someone sells a house for less than what is owed on the mortgage. Doing so helps the borrower avoid foreclosure in some cases, and also helps the lender not lose as much money so it's usually in both interest.

"Short Sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale."

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Short Sale is the sale of real estate in which the market value falls short of the balance on the mortgage. A lender may accept a short sale offer and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments and is facing foreclosure. By accepting a short sale, the lender can avoid the lengthy and costly foreclosure process, and the owner is able to sell for less than what he owes, thereby avoiding foreclosure altogether.

When buying stocks it means to borrow a certain amount of shares (say 100) of a company at at price (say $100) - you are expecting the stock price to go lower. You sell your shares immediately ($10,000) - Now the stock goes lower, to let's say $80. You buy the 100 shares you owe your broker ($8000) and earn the difference. You just made $2000, only problem is if the stock price goes up, you still owe your broker those 100 shares.

Oh I was going to say the day after Thanks Giving when you have to be there at 5am or its gone by 5:03am... and of course the short sale only last till 9am

It is an unfortunate trend in the mortgage business that is currently devistating America.