Question

What does the term 'short sale' mean in the context of real estate transactions?

Answer 1

Almost DFW TX. It is when a bank sells a property "short" of what is owed on the property. These properties are normally in foreclosure and/or in N.O.D. status.

Answer 2

Short sale is the time before a foreclosure that a bank gives to the homeowner as a last opportunity to sell the property.. . Any offers on the property must be accepted by the bank. It's a little restrictive, but you really can get good deals on property at this stage.