WHAT BUYERS NEED TO KNOW ABOUT SHORT SALES
By The Harris Team Experience & Knowledge, Beyond A Real Estate License
(Thompson's Realty)
A Short Sale is a sale of property at a listed price that is less than the existing financing debt on the property. Unlike a foreclosed property the Buyer is dealing with a Seller who still owns the property the market value of which is less than the financing debt on the property. The very first thing a Buyer needs to understand is that a purchase of property that is a short sale cannot be completed without the Lender, or Lenders approval. This process of obtaining approval can, and usually does vary, amongst the very numerous Lenders who are holding mortgages on residential properties. In describing the approval process a Buyer can assume the following: The Listing agent will be representing the Seller in dealing with the Seller’s Lender (or Lenders, if there is more than one financin...
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