short sale

Definition of "short sale"
  1. A transaction where a home is sold for less than the balance owing on its mortgage, typically when the owner cannot meet mortgage payments and the lender agrees to avoid the costs of foreclosure
How to use "short sale" in a sentence
  1. Jane, facing financial difficulties, managed to sell her home through a short sale and avoid foreclosure.
  2. In order to avoid the long and costly process of foreclosure, the bank agreed to a short sale of the property.
  3. After losing his job, John managed to prevent foreclosure by opting for a short sale of his house.

Provide Feedback
Browse Our Legal Dictionary
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z