Posted by Scrooge McDuck on August 26, 2003 at 13:38:10:
A “short sale” is when a lender sells a mortgage for less than it’s face value. I don’t know why a lender would do this when there is equity in the house.
Subject to the existing financing means the mortgage stays in place, you take over the payments, and the property stays in the current owner’s name. But you get control, by putting the property in trust.
These are my guesses anyway. We won’t know for sure until someone asks the person who is selling the property. Why don’t you give us the name and phone number that was in the ad so we can call them for you or - here’s a wild idea - call them yourself.