What is a short sale?

A short sale in residential real estate law in Delaware is when a homeowner is facing foreclosure, and is unable to pay their mortgage. The homeowner may be able to work out a deal with their lender and sell their home for less than the amount they owe. This is typically done to avoid foreclosure and help the homeowner avoid taking a financial loss. The lender must agree to accept less than they are owed, and the homeowner must agree to not be able to collect any of the difference. The lender may also require that the homeowner pay any closing costs or other fees associated with the transaction. In order to be approved for a short sale, the homeowner must provide evidence of financial hardship or other extenuating circumstances that prevent them from either affording their current mortgage or being able to sell the home for the full amount. The best way to learn more about short sales in Delaware is to consult a qualified real estate attorney in the state.

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What is a short sale?

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