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How to Conduct a Short Sale of Your Home
As published in the March 27th, 2008 edition of the Yucaipa News-Mirror
How to Conduct a Short Sale
Special to the News-Mirror by Randy Fox
In our last article, we took a look at the basic fundamentals of a short sale; in this article we will take a more in-depth look of how to conduct a short sale on the selling side of the transaction.
As previously mentioned in the last article, when lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due on the mortgage. Again, keep in mind that not all lenders will accept short sales or discounted payoffs, especially if it makes more financial sense for them to foreclose on the property. Also, not all sellers or all properties qualify for short sales.
Anyone thinking about conducting a short sale on a property should take preliminary measures to find out if a short sale is the right thing to do. Such measured include obtaining legal advice from a real estate lawyer familiar with short sales and calling your tax advisor to discuss the tax ramifications of conducting a short sale. As a real estate agent, I am not licensed ... more

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