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Southern Cal Short Sale Video on Real Estate for an Upside Down Market
When it comes to a glossary and real estate terms, it's about time to bring a few things up to speed...like today's real estate vocabulary.
Here's a quick look at current terms for today's real estate market:
 Short Sales =  Most people know it's when a property (home, condo, apartment building, commercial property, whatever...) sells for less than the existing indebtedness, i.e. loan balance (s). Short sales require the lender's approval to sell and accept less than due.  Most also know a short sale can be anything but short, it require patience.
Deed-In-Lieu of Foreclosure  =  Takes place when an owner (with the lender's consent) executes a deed (change of ownership) in favor of the lender to avoida foreclosure.  It's up to the lender to agree and it also can be conditional clear title, meaning no junio liens. If you're upside down and have a second loan, back property taxes, association dues, etc. it's not going to happen. Lenders are not willing to accept a property with all the "excess baggage" e.g. second loan, home equity line, liens etc. that are normally wiped out with a foreclosure.
Cash for Keys= Is a cash payment from the lender on a foreclosed property to the occupants, normally a tenant to ... more

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