Real Estate 101 - What Is A Short Sale?

A short sale in real estate refers to a concept whereby a lender (mortgagee) agrees to discount the amount of money owed on the loan made to a borrower (mortgagor), due to hardship on the part of the borrower. It basically allows the homeowner (mortgagor) who owes money to the lender (mortgagee), to sell the home or condo for less than the amount owed to the lender.The benefit to the mortgagee is