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What Happens During a Short Sale?
As an agent with experience in short sale transactions, I've decided to prepare a detailed explanation, although not thorough, of the process.  Please keep in mind that each transaction is different.
Short Sale – The sale of a property in which the lender consents to receiving a loan payoff of less than what is still owed by the Seller on the note secured by the property. In the transaction, sufficient funds are generated to cover all of the Seller’s closing costs (commission, title charges, escrow fees, etc.) and the payoff of any existing loans and/or liens of record without the Seller having to deposit funds to make up the shortage.
Lenders typically agree to short sales because they can avoid the following:
* spending time and money to foreclose, evict borrowers, and resell properties
* adding a bad loan and REO to their portfolio
* paying property taxes, insurance, maintenance, foreclosure fees, holding costs, and repairs for REO properties
* risking theft and vandalism to the property, either by the borrower before they vacate the premises or by others when the REO property is vacant
Not all Sellers qualify for the short payoff assistance. Lenders will require the Seller to provide ... more

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