Short sale is defined as borrowing a security from a lender and selling it, with an agreement that it must later be bought back at a lower price and be returned to the lender. It is usually accepted by the lender in order to avoid the time and expense of a foreclosure and at the same time it can also be in the best interest of the borrower. Short sale is is faster and easier and does not let the borrower face the embarrassment of a foreclosure.
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