Short Sales for Sellers (Chapter 1) Do you qualify for a Short Sale?
By Lynn Pineda, Real Estate Promises delivered in SE Florida
(eXp Realty)
So you're starting to hear more About Short Sales as a possible way to avoid foreclosure. But you're asking what is it and how do you qualify? Good questions. First let's look at "What is a Short Sale?" You may have heard this before but lets not assume that everybody looking in here knows the answer. We'll get into more detail shortly. A Short Sale is when you receive approval from your Lender (Bank) that they will agree to allow a Buyer to purchase your home for less than what is owed on your home(mortgage balance). For example, You owe $300,000 on your home and you have a buyer who has offered to pay $225,000. Your Lender will agree to accept the $225,000. This approval is based on a number of factors that will be addressed in another Chapter. You've received approval now f...
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