Many struggling home owners who used to ask the question what is a short sale? Are quickly realizing that a short sale may be their only means to avoiding a foreclosure by the bank on their homes. If you have ever wondered what is a short sale, do not fret, you are not alone at all. In fact, you are joined by slurries of frustrated borrowers who are struggling to make their monthly payments to the bank on time, fighting to keep their homes and losing the battle due to a slowed economy and a housing market that went boom and bust faster then you can say alchemy. To answer the question: what is a short sale, the answer is rather simple in truth. A short sale is a three part agreement of a sale of home. It exists between the lender, the borrower and a qualified buyer. The bank agrees to take less than is currently owed on the home in order to avoid foreclosing on the home. The buyer agrees to a purchase price and the borrower gets out of the note owed to the lender. Everybody wins and the borrower avoids a foreclosure.
