Finance
A short sale in Rhode Island occurs when:
AA property sells within 30 days of listing
BA lender agrees to accept less than the full mortgage balance as full satisfaction of the debt✓ Correct
CA buyer purchases a property below its assessed value
DA seller offers a quick close in exchange for a price reduction
Explanation
A short sale occurs when the lender agrees to accept less than the full outstanding mortgage balance as full satisfaction of the debt. It typically requires lender approval and may have income tax implications for the seller.
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