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LSDefine

Simple English definitions for legal terms

Short sale

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A quick definition of Short sale:

A short sale is when someone sells their house for less than what they owe on their mortgage. This happens when the homeowner is having money problems and needs to sell their house quickly. The bank has to agree to the sale. Sometimes, the bank will forgive the remaining amount owed on the mortgage. Short sale can also be when someone borrows stocks from a broker, sells them to someone else, and hopes to buy them back for a lower price later. This is a risky trade because the price could go up instead of down.

A more thorough explanation:

A short sale is a type of real estate sale where the homeowner sells their house for less than what they owe on their mortgage. This usually happens when the homeowner is in financial trouble and needs to sell their house quickly. The lender must agree to the short sale for it to happen. Sometimes, the lender will forgive the remaining balance on the mortgage. For example, if someone sells their house for $150,000 but still owes $200,000 on their mortgage, the lender might forgive the remaining $50,000.

Short sale can also refer to a type of stock investment. In this case, an investor borrows stocks from a broker, sells them to another investor, and hopes to buy them back later for a lower price. The investor must return the same amount of stocks to the broker at a specific time and for a fee. For example, if an investor borrows 100 stocks of ABC Co. from a broker and sells them for $50 each, they hope to buy them back later for a lower price. If they buy them back for $40 each, they make a profit of $1000 (minus any fees charged by the broker). However, short sales are risky because the price of the stocks could go up instead of down, and the investor would lose money. For example, if the investor had to return the stocks when the price was $100, they would lose $5000 (plus broker fees).

Both examples illustrate the concept of short sale, which is selling something for less than what is owed or what it is worth. In real estate, the homeowner sells their house for less than what they owe on their mortgage. In stock investment, the investor sells stocks for more than what they buy them back for later.

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ParallelAgreeableOrangutan
22:02
tbh kinda losing my mind, I'm visiting my parents in my childhood home and whenever I do this I remember why I never do this aahhaha
ParallelAgreeableOrangutan
22:02
My dog likes it here tho
ParallelAgreeableOrangutan
22:02
How are youuuuu?
22:26
@ParallelAgreeableOrangutan: Deep/tough. Feels. Im well working on a project so im happy :)
22:28
should i hit the dmt pen in the sauna and meet god
ParallelAgreeableOrangutan
22:31
Ooh what kind of project? Work, passion, neither, both?
ParallelAgreeableOrangutan
22:31
@NemoPropheta: do it do it
22:37
alright day before my lsat ill hit a blinker in the sauna and become one with the test
22:47
@ParallelAgreeableOrangutan: law school data so just passion.
22:47
@NemoPropheta: noo they drug test before the LSAT! U will get flagged!
ParallelAgreeableOrangutan
23:19
I'm intrigued llama
ParallelAgreeableOrangutan
23:21
Holdddddup all that number crunching on your lsd profile is your work? Damn
ParallelAgreeableOrangutan
23:21
I don't visit y'all's profiles enough, clearly
NarrowFaithfulCougar
0:22
@NemoPropheta: Ahh yeah, the Sauna. That's some good Nordic shit. Beats the hot tub hands down. Plus everyone is naked.
1:23
@ParallelAgreeableOrangutan: got that weaponized autism in gear, we out here.
@llama: your cycle confuses me, your stats are good and you applied early but all of those Rs? Is there anything weird about your app?
do you have C&F issues or something?
also ur first choice is kansas but you didnt apply there?
12:55
@RasheedWallaceFan: Hi. Yes, I waited for April LSAT, put almost all apps (which were sent really early) so that basically most of my apps were reviewed In May. Shot myself in the foot for 155 -> 161 lmao. Would not recommend 10/10
12:57
@RasheedWallaceFan: unironically, KSLS was my top choice, however by April LSAT their app had closed. It was like waiting to date ur dream partner, but waiting until you graduate uni, then by the time u graduate uni, your soul mate is already married with 2.4 kids and 1.6 dogs. Heartbreak.exe fr fr
12:58
are you R&Ring?
13:00
No, I think what I will do is flip a coin: heds NKU, tails NEL|B what u guys think bout dat. Then once 1L - if good at LS, try to transfer, if bad at LS or one of my grandiose ideas/inventions are viable, drop out and pursue.
oh so you submitted the apps with a lower lsat and then retook
got it
Bettercaulsaul
13:33
Most schools will hold your application for the next test score to be released into your account as well. I was notified by an admissions director that if a decision is processed they will not retroactively go back for the new score even if higher
ParallelAgreeableOrangutan
13:34
I vote NEL-Boston so we can be friends :D
ParallelAgreeableOrangutan
13:34
But it says you withdrew?? :(
ParallelAgreeableOrangutan
13:41
@Bettercaulsaul: in my experience, there is often an option on the application for you to choose whether you'd like them to review your application as-is ASAP or hold it until your new score is released. but it probably varies by school—I just remember seeing that option on at least a few app forms
2:21
While I am unsure of what option you are referring to, I personally just emailed each school and asked for them to hold my app pending my lsat score release.
2:22
Sorry WNE = Western New England not NEL|B
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