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Short Sales Don't Have to be Scary!
The short sale process truly is much like a normal home sale.  You still list your home with a Realtor.  You then market the property and reduce the price if necessary to get an offer.  The big difference is that once you receive an offer on your home, the offer price must be approved by your lender.  Once you get an offer, here is what happens:
A Hardship Letter is drafted by you to send to your lender.  This letter includes all financial difficulties that caused the short sale in the first place (divorce, job loss, medical issue, relocation, etc.)  The lender can then research these items to make sure the short sale is on the up and up. Along with this Hardship Letter, bank statements, investment accounts, pay stubs and other financial records are also submitted to your lender.  This entire package is called the Settlement package. Once your paperwork is received by your lender, they will review the settlement package and consider forgiving the remaining loan balance and all expenses.  The expenses forgiven include property taxes, real estate commissions and other expenses associated with the  closing. A Broker Priced Opinion (BPO) will then be ordered by your lender to ... more

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