What is a Short Sale?
The term refers to a transaction in which the sales price will not generate enough money to cover the payoff of the seller's existing loan and closing cost.
Short Sales have become the most popular and most succesful alternative to foreclosure.
Your lender agrees to let you sell your home for an amount less than the outstanding mortgage balance without future liability.
You stay in your home during the short sale process and you may be entitled to a cash incentive once the home is sold.
Only a Realtor® can fully and completely represent you during this process.
Your lender may voluntarily agree to short sale by accepting a loan payoff of less than what's owed.
Parties involved in the short sale transaction: buyer, seller, real estate agent, escrow, & other parties ex: appraiser, home inspector, retrofitting & compliance, home warranty etc..
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