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WHEN A HOMEOWNER MAY CONSIDER A SHORT SALE

WHEN A HOMEOWNER MAY CONSIDER A SHORT SALE
 

A Short Sale simply put, is selling a property short. This means that if a person owes 200,000 dollars on their house and the market value will only bring buyers at 170,000, you are forced to ask the bank to take less money than what is owed to them. Why would a bank even consider something like this (another good question)? Most people who are in a position where they need their Realtor to negotiate a short sale are typically not in a good position financially. This could be for many reasons, the most common is an unfavorable loan that adjusted to an interest rate (Subprime loan) that now increases the mortgage to a payment that the owner can no longer afford. This is the situation that most people are facing that are in a short sale situation.
The lender will not always consider a short sale in this situation, some of the reason for that are for the following reasons:
The offer that is submitted to them is unreasonable by their standards and is not supported by the BPO or appraisal. (Typically the bank will not give more than a ... more

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