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Clearing the confusion around Los Angeles, CA short sales
In spite of the fact that Los Angeles short sales have been around for the last 6 years or so, confusion about the process still abounds. So let’s take it from the beginning…
The first step in a short sale is completion of the short sale package.
In this case, the seller’s agent may have to submit additional verification to justify the price, and the lender may hire an appraiser to determine fair market value of the short sale property.
While the bank may accept or reject the offer outright, usually the negotiator will provide the listing agent with a list of what they will pay for and what the final payoff must be to the bank. The lender may ask the buyer to assume additional costs or raise the offer price.
Negotiations continue until, hopefully, an agreement is reached.
Is a Los Angeles County short sale worth the time and effort? Yes! A short sale allows the seller to walk away without a foreclosure on his credit record while it rewards a patient buyer with a good deal on the house of his choice.  Also, if the sellers had a second mortgage, it protects them from a deficiency judgment that can occur if the property is ... more

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