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Buying a Short Sale Property
You are out in the marketplace.  You are looking around at short sale properties because they fit your budget.  You are told that a short sale isn't easy to purchase.  Now you are wondering if you have made the right decision to move forward and spend your time, pin your hopes on dreams of owning a home.
 
Here's what you need understand about a short sale:
A short sale is a"pre-foreclosure" whereby the value of the property is less than the amount owed to the current bank.  The bank is allowing the property to be sold for less then what is owed on the mortgage. 
Short sales are different then the "standard" sales when it comes to closing costs.   The bank will be looking for a net selling price.  The net selling price is the amount the bank is willing to accept which will have to include all closing costs, commissions, outstanding liens, tax liens, water bills, attorney fees, etc.
The property is sold in "as is" condition.  This is where you must have a wtachful eye, a good Realtor that understands as much about due diligence and construction, and have a Realtor who has skilled/license tradesmen that will be ... more

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