Legal definition of short sale: A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments.
A short sale in real estate is when a financially distressed homeowner sells his or her property for less than the amount due on the mortgage. The buyer of the property is a third party (not the.
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· Stringent Qualifications: Inexperienced or unethical real estate agents might push a seller into considering a short sale when the seller does not qualify for a short sale.Sellers must prove a hardship and submit evidence of the hardship to the lender for approval. Some agents list homes as short sales without ever talking to the lenders or pre-qualifying the sellers.
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Is a Short Sale a Good Option to Buy? | Pocketsense – A short sale occurs when a homeowner decides to sell his home for less than he still owes on the mortgage in order to relieve some of his mortgage debt. For some, this is a preferable alternative to foreclosure as it has less impact on credit score. A short sale may result in a.
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What is a short sale when buying a house? – Other drawbacks to a short sale include: the seller canceling the short sale contract; a foreclosure action which prevents the short sale. the seller files for bankruptcy. Making an Offer on a Short Sale If you are interested in a short sale property, choose a real estate agent who has dealt with short sales.
What does short sale mean? | Yahoo Answers – · A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a.
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