Lets talk about the Short Sale

A lot of customers see listings that say short sale and ask me what does this mean. In a short sale, the property is selling for less than what is owed in liens against it. The owner of the property is not able to repay the liens and the bank must agree to the short fall when the property is sold. In essences the lienholder is accepting less money to release the debt.  This is a great tool for the buyer because he is buying a property for less than the present owner paid.

However there are five common mistakes the buyers should be aware of. If you have a home and can't sell it, but don't want to go through foreclosure the short sale might be right for you.

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Craig Jackson

Craig Jackson

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