You may be wondering as to how the short sale foreclosure process proceeds.

A home’s short sale is the phrase used when a lending institution is willing to accept less than the amount owed on a mortgage as a payoff. You might wonder why a bank would let you sell your house for less than what you owe on it. Well, it’s a simple answer, really.

The lending institution needs to cut its losses. When a home’s short sale offer is submitted to the bank, they will take a look and and decide to do one of three things. They will make the decision to accept your offer, deny the offer, or they can make a counter offer.

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