Finance
A Pennsylvania 'short sale' occurs when:
AA property is sold in a very short time frame (under 30 days)
BThe property sells for less than the outstanding mortgage balance, with lender approval to accept less than full payoff✓ Correct
CA seller sells quickly without listing on MLS
DA property is sold below assessed value
Explanation
A short sale involves the lender agreeing to accept less than the full mortgage payoff from the sale proceeds when the property is underwater (worth less than owed). The lender must approve the short sale before closing. Pennsylvania short sales affect the seller's credit and may have tax implications for the forgiven debt.
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