Short Sale

See a professional when dealing with a "short sale" . In laymens term a short sale is when the lender agrees to accept less than what is owed on a property. House has a $600,000 mortgage but is only worth $500,000. A buyer offers $500,000. The bank is "short" $100,000 if it agrees to the short sale. .......remember:
Obtain legal advice from a competent real estate lawyer
Call an accountant to discuss short sale tax ramifications