In a short sale , the loaner of a property/home allows the property to be sold for less than the amount due on the mortgage loan. It’s helpful to seller to avoid the credit report damage associated with a foreclosure.
The home is listed as a short sale when the home being offered for sale is offered for sale at a listed price which is in fact less than the amount the owner/seller of the home owes on the loan attached to the home. A licensed Real Estate broker can in most situations sell your home as a short sale if your individual circumstances meet the criteria necessary. How the Short Sale Works
it was a little ridiculous. No communication. No nothing.
After sitting in limbo for four months, we found another home and cancelled the short sale contract.
And it worked out for the best. We think we got a very fair deal on a better home.