What is a short sale?

What is a short sale?  
A short sale occurs when a seller owes more
than the fair market value of the home, faces
a demonstrable financial hardship, and needs
the seller’s lender(s) approval to close escrow.

Why must the seller’s lender approve the transaction?
The seller’s loan(s) is a lien against the property; in order for title to the property to pass to
the buyer, that lien must be satisfied. Therefore, getting the seller’s lender(s) to accept
less than it is owed is a critical step in a short
sale. For the seller’s lender(s) to accept a
short sale – and therefore less than what’s
owed on the loan(s) – the seller has to demonstrate a financial hardship and inability to
pay back the full amount of the loan(s).

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