What Is A Short Sale?

In a short sale, a seller facing the threat of foreclosure enters into an agreement with their mortgage lender to accept a price for the property that’s less than the amount they actually owe on it. The seller makes no profit on the sale but avoids many of the problems that would come from a foreclosure. But, short sales have their own set of advantages and dis-advantages for sellers and buyers alike. Go to this article on AOL's real estate pages for the 'whole story'.

Short sales and foreclosures have been fairly rare on the Outer Cape, particularly Eastham. That said, look for a few over the next few weeks.