<P> A short sale is a sale of real estate in which the net proceeds from selling the property will fall short of the debts secured by liens against the property . In this case, if all lien holders agree to accept less than the amount owed on the debt, a sale of the property can be accomplished . A Short Sale is not to be confused with a Short Settlement . </P> <P> A short sale has two intrinsic and inseverable components . A Short Sale is successful when (1) The Lien holder (s) (a.k.a. Mortgage Company) is agreeable to net less than the amount owed on the note (debt) as the result of (2) an arm's length sale at or below the Appraised Value for that property . The agreeable selling price is intrinsically defined to be at or less than the appraised value allowing the process to be attainable . A prudent buyer will not pay greater than the appraised value, and a Bank or Finance company will not provide a mortgage for greater than the appraised value, thus limiting the Short Sale proceeds to a maximum gross yield of the property's Appraised Value . </P>

What does it mean to short sale a house
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