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Short Sales
Short Sales
 
What is a short sale? "A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan," according to the California Association of REALTORS®. "A short sale may or may not involve a property in foreclosure." This page offers information about the basics of short sales and advice for the real estate professional.
 
Short Sale Advantages
Short sales appear on your credit report as "pre-foreclosure in redemption", not as "debt discharged due to foreclosure"Less impact on your credit scoreAll mortgage debt is fully discharged
When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.
If you are considering buying a short sale, there could be drawbacks. For your protection, I suggest that all borrowers:
•·         Obtain legal advice from a competent real estate lawyer
•·         Call an accountant to discuss short sale tax ramifications
As a real estate ... more

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