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Short sale info for Buyers and Sellers
When I start showing homes to a new client, I always ask the question "Do you know what a short sale is". I typically always get the answer "Yes". They either tell me it is a quick sale or it has something to do with foreclosure. The first answer is definitely not true and the second answer, well its at least in the ball park. A short sale is when the owner of the property cannot sell the property for what they owe, but they need to sell. This means that the bank has to agree to let them sell for less than they are owed. In some cases the bank will take a loss, in other cases the seller has to take back a note to pay all or a portion of whats left. Because so much of how a short sale works depends on your specific situation and what bank you are dealing with, every one works differently. Below are some bullet points of things to know about short sales. Remember all short sales are different so some things on my list may not be the case in your situation.
 
Short sales typically take a long time to process, in some ... more

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