In the world of real estate, we speak a language of real estate-eeeeze. Realtors use a vocabulary common in our industry. For example, “short sale”. Wow, one would think this is going to be a quick sale, short time on the market! Contraire! It’s anything but short! In fact, it takes longer then a regular sale. So why is it called a “short sale”? Because the mortgage company is coming in short of the balance due. For example, let’s say a property sold for $100,000, but the balance due to the mortgage is $110,000. So the bank is short $10,000.
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