A short sale is one where title has transferred; where the sales price was insufficient to pay the total of all liens and costs of sale; and where the seller did not bring sufficient liquid assets to the closing to cure all deficiencies.
National Association of Realtors Definition defined by a Short Sale Work Group
What is a “ Potential Short Sale ”?
A potential short sale is one where the listing agent reasonably believes the purchase price may not be enough to cover payment of all liens and costs of sale and the seller is unwilling or unable to bring sufficient liquid assets to the closing.
National Association of Realtors Definition defined by a Short Sale Work Group
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What is a Short Sale
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