Idaho Short Sales
A short sale is a sale of real estate in which the sales price is less then the balance of debts secured by liens against the property, i.e. home loans, and the property owner cannot afford to pay the difference. In this instance, the lien holders agree to release their lien on the real estate and accept less than the amount owed on the home.
Short sale agreements do not necessarily release borrowers from their obligations to repay any deficiencies of the loans, unless specifically agreed to between the parties. A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower. Both often result in a negative credit report against the property owner.