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How Do Short Sales Work? What's a Short Sale? How do I buy a short sale?
I get asked a lot, "What's a short sale?" "How do I buy a short sale?" and "How does a short sale work?" Because I have navigated many sellers through the difficult and sometimes long short sale process, I'd like to help answer those questions here in my blog.
Simply, a short sale is when a home is being sold for a value less than what the seller owes. Consequently, the seller has to get their lender's final approval to sell short of what they owe. I'm not going to get into what happens with the deficiency but I am going to approach this from a buyer's position. "What happens when we make an offer on a short sale?" Since each lender handles their short sales slightly different and the process may vary greatly in regards to the length of time it may take, here are the basic "milestones" to look for (expect variations and delays to occur at any one of these steps).
1. Home is listed and due to a number of reasons, seller is moving because they have to. Relocation due to work changes tends to be the happiest reason, but there can be a very sad story ... more
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