Real estate blog entries tagged with debt by Team Jodi - Chapel Hill Real Estate, Durham Real Estate (Jodi Bakst, Broker @ Chapel Hill Realty)

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Home : Blogs : Team Jodi - Chapel Hill Real Estate, Durham Real Estate : Team Jodi Real Estate Specialists Chapel Hill and Durham, NC Luxury Homes, Short Sales and More : Tag "debt"

debt: Short Sales - 08/07/08 05:52 PM

What is and is not a Short Sale?
A short sale is an arrangement between a homeowner and their lending institution to accept an offer on the home for less than the total amount owed on the property.
A bank-owned house, or foreclosure, is not a short sale. A seller deciding to lower their price and take less profit is not a short sale. To have a short sale, one of the parties has to be "shorted"; either the seller or the bank.
To further explain the difference; with a typical foreclosure situation, homeowners fall behind in their payments and the … (2 comments)

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