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Short Sales - They're Everywhere. What Does This Mean, Exactly??
By Sara & Chad Huebener
Short sales - we are hearing more and more about them, as well as foreclosures.  What exactly is a short sale and how does this differ from foreclosure? 
A short sale is the sale of real property where the value of the property is less than the outstanding mortgage and other liens against the property.  The mortgagor (owner) must typically demonstrate financial hardship in order for the bank to accept a short sale, and often times, must have missed payments.  The bank, through its loss mitigation department, agrees to accept less than the outstanding loan balance, and the seller must turn over the proceeds of the sale to the mortgage company at the time of closing.  
The results of a short sale in terms of excusing a debt vary.   In some cases, the bank will provide a satisfaction of mortgage and the owner will be debt free.  If this is the scenario, the bank has the right to approve or decline the sale of the property.  In cases where a satisfaction is not granted, the mortgagor (owner/seller) may be liable for the outstanding debt on the property.
Short sales are typically instigated by a homeowner in an effort to prevent a foreclosure, which has ... more

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