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SHORT SALE TRILOGY
#2 in the series
We get at least one call a day at my office on short sales.  It is really amazing how many people - professionals as well as potential sellers - do not even know what the term "short sale" means.  This blog assumes you have actually worked a short sale already -- if you have -- or if you are curious -- read on!
For the short sale to work I like to think of the process as the coupling of a trilogy.
#1 - you need to have the Seller who can no longer (maybe never could in the beginning too!) afford the mortgage payments.
#2 - you need to have the Lender that you can convince is better off with a short sale than to take the property through foreclosure.
#3 - you need a Buyer that can close at a price agreeable to the Seller, the Lender and the Buyer.
The market is in such a state in South Florida, that there seems to be plenty of Sellers and plenty of good intentioned Lenders.  Finding the Buyer is now becoming the challenge for the selling broker. Yes, there are plenty of agressive vultures that will severely underbid ... more

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