As the recent problems with the US Economy continue, we are hearing these words more and more more often.. "Short Sale" ... What is it? Well, to put it simply, a Short Sale is a bank accepting less than it is owed as full payment for a home. (If you ever tried to trade in a car with high miles, you may have been "upside down" meaning you owe more money than the dealer is going to give you.. Well, short sales are the same thing, except instead of your … (1 comments)
calhoun county: Shortsale vs Foreclusre
- 09/22/10 08:46 AM
As a Realtor, I am often asked the difference between a Short Sale and a Foreclosure. After I explain the difference, I am usually met with the same response... "so, why would I care? Both hurt my credit, and I walk away from my home with NOTHING either way." The answer is easy... If your Short Sale is negotiated properly, you can be forgiven of any balances still due. For example, if you owe $200,000 for a house and the bank forecloses and sells the house for $150,000... they can come after you for the $50,000 difference. A properly negotiated short … (3 comments)
Advantages of a Short Sale in Anniston, AL
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