Finance
In New York, which of the following is true about a 'short sale'?
AThe sale is completed quickly (in less than 30 days)
BThe lender agrees to accept less than the full outstanding mortgage balance as full satisfaction of the debt✓ Correct
CThe buyer receives a discount for paying cash
DThe seller retains any profit above the listing price
Explanation
A short sale occurs when a lender agrees to accept less than the outstanding mortgage balance as full satisfaction of the debt, allowing the property to be sold for less than what is owed. Short sales require lender approval and typically take much longer than standard sales.
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