short sale documentation: My Experience with Short Sales & Summary or Required Documentation
- 02/21/08 05:46 AM
I am currently invovled with several properties that are considered short sale properties. Because the debt on the house is higher than the market value and the owners are having trouble making their payments the lenders might consider taking less than what is owed on the property. Sometimes the bank will wait for the property to go to foreclosure if low offers are coming in during the short sale listing period. These short sales can be complicated and take a lot of time preparing documentation and communicating with the banks involved. Each bank has its own set of documents it requires but … (3 comments)
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