The definition of a short sale involves selling a home for less money than the total of any remaining balance on the mortgage plus any liens on the property.(noun)
An example of a short sale is when you owe $150,000 on your home mortgage and $5,000 in Home Owners Association fees and your mortgage lender approves the sale of your house for $130,000.
See short sale in Webster's New World College Dictionary
See short sale in American Heritage Dictionary 4
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