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About Short Sale
About Short Sales

Short sale sound like a quick
short and a straight forward transaction. The owners need to sell quick and the lenders are ready to accept less than the owners owe thus creating a great opportunity for a buyer. However, the only “short” aspect of these types of transactions is the “short fuse” which often goes off when the buyers are waiting and waiting and waiting for this deal to happen. To find out why this is happening we need to examine short sale process and understand the way banks think and operate when it comes to short sales.

Unlike foreclosure
where the bank assumes ownership, short sale is a process in which the owner, not the bank, is trying to sell their property. However, the owner will never get any proceeds from the sale, where in a case of a foreclosure, the owner may get whatever is left from the sale of the property if the amount is greater than what they owe to the bank. The bottom line is short sale has to be approved by the bank and, as you can guess, the procedure is very slow and cumbersome. The fact of the ... more

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