Short Sale

     A short sale is when the owner owns more money to the bank because the value of the home has gone down, so the seller agrees to list it with a real estate company at market value. When an offer comes in the bank, the owner must come up with an agreement to an acceptable price usually less then what the owner owes back to the bank. The bank then will decide how much of a loss they will take on the asset (home). The difference is put in the owner on how much they will owe the bank once its sold.