# Short Sale

*Real Estate — Finicade finance glossary*

A short sale is selling a property for less than the mortgage balance, with the lender agreeing to accept the shortfall. It's less damaging to credit than foreclosure and slower to complete, since every lienholder must consent. Buyers are drawn by the discount and frequently underestimate the timeline — approvals routinely take months, and the property is sold as-is.

**Also known as:** short sale property, pre-foreclosure sale

**Related terms:** [Foreclosure](https://finicade.com/glossary/foreclosure), [Mortgage](https://finicade.com/glossary/mortgage), [Loan Modification](https://finicade.com/glossary/loan-modification), [Debt Settlement](https://finicade.com/glossary/debt-settlement), [Home Equity](https://finicade.com/glossary/home-equity)

Source: https://finicade.com/glossary/short-sale