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Short Sales

Shorts sales were all the rage when the economy took a turn for the worst. However, now you find a lot less short sales on the market. They're still out there but just not in the abundance that they were a few years ago. Before you put in an offer on a short sale, there's a few tid bits of information you want to think about...

The Fundamentals of Short Sales

The home owner's lender must agree to the short sale. In other words, the lender has to agree to let the owners sell the house for less than what they owe the lender. So if they owners owe $300,000 on a house but the current market says the house is only worth $250,00, then the lender would have to agree to only make the owners pay back a lower amount rather than the whole amount owed. This can be a time staking process of negotiating with the bank. So we wouldn't recommend looking at short sales if you're in a hurry.