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What is a Short Sale?
A short sale is when the house’s value is less then what is owed on it. The homeowner is considered “upside down”. Due to a change in circumstances the homeowner is no longer able to maintain the mortgage payments. Rather than having the house go in foreclosure, the homeowner tries to sell the house and asks the bank to take a “short sale” which means the bank is accepting less than what is owed on the house rather than foreclosing on the house. If the short sale is successful generally all the closing costs for the seller are included in the short sale and the seller is than free of any financial obligation of the home. It is generally in the bank’s best interest to accept a short sale rather than going through the lengthy and expensive foreclosure process. However, banks have a very specific process and documentation that is required before they agree to a short sale, so for those either wanting to do a short sale or buy a home that is in short sale it is best to have an experienced realtor helping them. A short sale for the seller benefits them by relieving them of the financial burden of the house they can no longer afford and a short sale is less damaging to the seller’s credit. A buyer is able to purchase a new home generally for less than the current market prices. If you are interested in doing a short sale, you really need a realtor that is extensively experienced in pre-foreclosures and the sale of them
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This is very good information to have especially with all the upside down houses out there.
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This intel was contributed by pammabe
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May, 2012
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