Updated about 11 years ago on . Most recent reply
Is this considered a short sale?
I have a seller that owes $46k on a house. He wants to get rid of it so bad, he'll sell it to me for $40k which is a good deal on it. He will bring $6k to closing table to make up difference. Would this count as a short sale? Technically the bank is getting all their money but sales price is less than current loan balance.
Would this require any special process or approval by lender?