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Manchester CT Short Sale Agent – What Is a Short Sale
What is a short sale is a question that Manchester CT Short Sale agents are getting a lot these days. Short Sales are defined as the sale of real estate where the proceeds from selling the property will fall short of the amount owed for the mortgage and the owner cannot afford to repay the difference, so the mortgage company agrees to accept less than the amount owed. A simple example of this would be a homeowner has a mortgage of $250,000 and the current market value is only $200,000. In order for the seller to move on and sell the home the bank would have to o.k. the loss. So why in the world would the bank do this? It’s simply a good alternative to foreclosure for the bank. The foreclosure process can be very time consuming and expensive for banks and they are not in the business of property management so very often they will opt to do a short sale. The current market has a large inventory of REO’s (Real Estate Owned by the bank) and short sales. It’s important that people know the major differences and there is no one better to ask than a Manchester CT ... more
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