A short sale occurs when the bank holding the mortgage accepts an offer to purchase for less than the mortgage owed. With many folks "upside down" in their homes - owing more on their home than it is currently worth - the short sale offers a good way out, in lieu of foreclosure. Check out this article: Don't Foreclose, Do a Short Sale!
Interested in finding out more? Want to take advantage of buying a foreclosed home in Northern Michigan / Harbor Springs area or one qualified for short sale in Northern Michigan / Harbor Springs area? Give me a call 231-330-5102 or e-mail me at Sue@RealEstateInHarborSprings.com