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Short Sale

Short Sale - In a short sale, or pre-foreclosure, the homeowner's lender is accepting a smaller payoff to release the mortgage. Just because a property is listed with short sale terms does not mean the lender will accept the buyer's offer, even if the seller does accepts it.  It is an alternative to foreclosure and bankruptcy proceedings. 

The homeowner will need to be in default, before the lender will consider a short sale. Also, kind in mind that the seller may owe more than the home is worth, so a discounted price might bring the price in line with the market value.  

When considering purchasing a short sale, always do your research. Your real estate agent can find out who is in title, whether or not a foreclosure notice has been filed and how much is owed to the lender(s). This is important because it will help you to determine how much to offer.  If there are two loans, you will probably deal with a second mortgage lender.






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