What Is A Short Sale Home Mean

A short sale gives a homeowner an opportunity to get rid of a property that represents more debt than value, while offering a bargain to a new buyer. However, whether the short sale is approved or unapproved can dictate whether the bank will accept the offered price, and the amount of time that it will take to close.

"Approved for short sale" means the bank has already determined that the homeowner qualifies for a short sale and has approved the request to sell the property at a reduced price. It is possible that an earlier buyer made an offer that was approved, but did not close the transaction.

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While selling a home as a short sale is hardly ideal, many experts argue it’s smarter than pursuing more drastic measures like foreclosure. Foreclosure is when a homeowner falls so behind on the.

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What Is A Short Sale? A short sale occurs when the proceeds from a sale are BELOW the outstanding loan obligations on a home. Essentially, in a short sale, you may fulfill your debt obligation by selling your property for less than what you owe to your lender(s).

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Like other homes for sale, a short sale property will be listed by a real estate agent (typically one who specializes in short sales). For the seller, one thing you’ll want to watch out for is a.

Definition of Short sale in the Definitions.net dictionary. Meaning of Short sale. What does Short sale mean? Information and translations of Short sale in the most comprehensive dictionary definitions resource on the web.

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A short sale is a home that is available at a purchase price that is less than the amount owed by its current owner.

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Although far from being the definitive expert on this subject I’ve done more than a few. so here is my opinion on a definition: A Short Sale is a transaction where a lender (usually a bank) is asked to take a loss on the outstanding debt owed o.

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