Short Sale Properties are defined in different ways but essentially more is owed on the property than the market will bring at the time a seller has it on the market. The seller's lender or other subordinate liens must agree to take payoffs less than is owed.
In some cases, properties are advertised as not being short sales when in fact the seller owes more than the balance of the liens but the seller is able to bring funds to the table to make up the difference.
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