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Buyers pursue short sales to get a good deal, and they firmly believe buying a short sale will present that opportunity. So when you see a price listed for a home that you think is too low for the neighborhood, before you jump on that price like hot fudge on a sundae, ask your agent to call the listing agent to find out if the home is a short sale.
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There’s only one reason to buy a short sale home – to get a great deal. "Short sale" simply means the sales price is less than the balance of mortgage(s) owed against it Short sales can.
Short Sale FAQs: Understanding the Short Sale Process. – A short sale is the sale of a property for less than what the owner still owes on the mortgage. A short sale is an alternative to foreclosure when a homeowner needs to sell and can no longer afford to make their mortgage payments. The lender agrees to accept less than the amount owed to pay off a loan now rather than taking the property back by foreclosure and trying to sell it later.
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· The bank usually will approve a short sale transaction if the cost of letting the home go to foreclosure is greater than the short sale loss. This is critically important because no bank in their right mind would approve a short sale if there is equity in the transaction as they can take the house back.
A short sale is a home that is available at a purchase price that is less than the amount owed by its current owner. The transaction benefits the bank by allowing it to avoid repossessing the home.
buying a house short sale.? | Yahoo Answers – Buying short sale means that the current owners can’t afford the house and the bank is willing to write off the original balance and sell it for current market value, thus it becomes "short" of the balance due. It is a great way to buy a house but the process can be very lengthy.
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