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A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the liens' full amounts and where the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.〔(【引用サイトリンク】title=Real Estate Short Sale )〕 Any unpaid balance owed to the creditors is known as a deficiency.〔(【引用サイトリンク】title=WARNING REGARDING RESIDENTIAL "SHORT" SALES )〕 Short sale agreements do not necessarily release borrowers from their obligations to repay any shortfalls on the loans, unless specifically agreed to between the parties. However, in California, legislation was passed to preclude deficiencies after a short sale is approved. The same is true of lenders on first loans and lenders on second loans — once the short sale is approved, no deficiencies are permitted after the short sale. (SB 931, SB 458 - Calif. Code of Civil Procedure §580e). A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower. Both often result in a negative credit report against the property owner. A similar procedure to a short sale in the UK is an Assisted Voluntary Sale (sometimes referred to as Assisted Voluntary Purchase) 〔(【引用サイトリンク】title=Voluntary or Assisted Voluntary Sale (AVS) NHAS factsheet )〕 Real estate industry data indicate that there were 2.2 million short sales in the United States during the period of the subprime mortgage crisis up to mid-2013. ==Process== Most CBSU creditors require the borrower to prove he has an economic or financial hardship preventing him from paying the deficiency. Creditors holding liens against real estate can include primary mortgages, junior lien holders—such as second mortgages, home equity lines of credit (HELOC) lenders, home owners association HOA (special assessment liens)—all of which will need to approve individual applications for a short sale, should they be asked to take less than what is owed. Most large creditors have special loss mitigation departments that evaluate borrowers' applications for short sale approval. Often creditors use pre-determined criteria for approving the borrowers and the terms of the sale of the properties. Part of this process typically includes the creditor(s) determining the current market value of the real estate by obtaining an independent evaluation of the property with an appraisal, a Broker's Price Opinion, or a broker opinion of value (BOV). One of the most important aspects for the borrower in this process is putting together a proper real estate short-sale package, including hardship letter explaining why a short sale is needed. Depending on each creditor's policy and the type of loan, a creditor may accept an application from a borrower even if the borrower is not in default with one's payments. The overwhelming number of defaulting borrowers during the 2008–2012 global financial crisis led many creditors to become adept at processing such short sales applications, yet the process can still take several months, often requiring several levels of approval. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Short sale (real estate)」の詳細全文を読む スポンサード リンク
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