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Short Sale: The Most Ironic Real Estate Term Ever
Short Sale: The Most Ironic Real Estate Term Ever A few years ago, you would see "SHORT SALE!!!!!" included in listing descriptions, enticing people to look at the home, ensuring them that they were getting a great deal. Today, since there are so many short sales on the market, will you rarely see it proclaimed in the description. Usually, the information will just be silently listed in the "Terms" section. Why the switch in stigma, and more importantly, what exactly is a short sale?A short sale occurs when homeowners sell their home for less than they owe on their mortgage. The lender then receives the proceeds of the sale, and generally forgives the seller the difference. This process allows both the lender and the home owner to not only avoid foreclosure, but also the negative consequences that occur for both parties (do NOT believe anyone who tells you that banks gave out inappropriate loans in 2006 in the hopes that they would gain all of the properties through foreclosure proceedings - banks must pay hefty fees and go through an incredibly complex process to foreclose on a home that can take over a year).Easy peasy, right? The home owner sells their home quickly, ... more

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