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Aug 26, 2024 · In real estate, a short sale is an asking price for a home that is less than the amount that is due on its existing mortgage.
A short sale is a situation where a homeowner is unable to continue making their mortgage payment and must sell their property when the balance of the mortgage exceeds the current value of the property. It is called a short sale because the sale proceeds will be short of the outstanding mortgage balance.
In today’s real estate market, short sales have become an increasingly common option for buyers who are looking for a good deal on a home. But what exactly is a short sale? And what does the process and timeline look like for buyers interested in pursuing this type of transaction?
Jul 31, 2015 · Short sales are an option for homeowners who are underwater on their mortgage to sell their property, and to avoid going into foreclosure. For many distressed homeowners, short sales are an alternative to foreclosure. Here are the steps sellers need to take in order to sell their properties in short sales:
By noting interest, you are basically saying that you would like an opportunity to make an offer on the property before it sells. If the seller is thinking about accepting an offer or if they decide to set a closing date, their solicitor should contact yours so that you can decide whether to make an offer.
Jul 7, 2022 · Short sale refers to a real estate sale where the net proceeds of a property sale fall short of all debts that liens have secured against that property. In other words, it’s the sale of a property at a price less than what the current owner owes. For instance, the amount owed by a homeowner can be $500,000 on a mortgage.
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this short sales work flow is an educational tool intended to give brokers and sales associates a comprehensive overview of the short sale process (listing, marketing, negotiating and closing properties subject to a potential short sale).
