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Found 2 blog entries tagged as short sale.

arrange a short sale

How To Arrange A Short Sale

In many parts of the country and even in our own area, foreclosures have been on the rise. In the past year, nationwide, there's been nearly a 75 percent increase in the number of foreclosed homes - bringing the total number of foreclosures to over 2 million in 2007 alone. Lately, however, the phenomenon of short sales is bringing up questions about consumer credit, credit scores and how they will be affected.

What Is A Short Sale?

When the equity in the property will not cover the debt owed and the cost of selling it, a lender may agree to accept a lesser amount for the home than is owed. Usually, a lender will only consider taking less than what is owed if the home owner is in arrears on payments. Even then, not

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The truth about short sales in real estate

 

The truth is, there are great deals to be had when you buy a home on a short sale. The number one key to success in purchasing a short sale home or property is patience. The average short sale transaction will take between 60 and 120 days to close.

What is a short sale?

By definition, a short sale is a home that is purchased for a price that will not produce sufficient funds to satisfy the liens that are currently on the property. These liens could include any combination of first, second and third mortgages, judgments, construction liens and even tax liens.

What is the process for a short sale?

When it is identified by the homeowner and their real estate agent that the home will be a short sale, it is necessary to make that

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