What is a Waiver of Deficiency in a Short Sale in Real Estate?
A #waiver of #deficiency in a #shortsale in real estate is a document that states that the #lender agrees not to try to get the rest of the money that is owed on the house from the person selling the house. In a short sale, the person selling the house is selling it for less than they owe on it, so there is a "deficiency" - or a remaining amount of money - that is not covered by the sale. When the lender agrees to a waiver of deficiency, it means that they won't try to get that remaining money from the person selling the house. This can be a helpful thing for the person selling the house because it means they don't have to worry about the lender coming back and asking for more money later on. It's a bit like when you borrow money from a friend and they agree not to ask you to pay it back - it's a nice gesture that can take some of the pressure off.
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