Definition: a sale of secured real property that produces less money than is owed the lender. The lender releases its mortgage so that the property can be sold free and clear to the new purchaser.
Pronunciation:
Used in a Sentence: We were able to purchase the house for a low price because it was a short sale.
How do you earn bigger commissions in real estate? In this week's episode of State of Real Estate, you'll learn the secrets to earning bigger real estate commissions. Join us...
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