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What is a short sale?

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August 26 2009 - San Bruno
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Answers (5)

Profile picture for CORONA NICK
A sale that is short....LOL jk

The others have already answered.
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October 01 2009
Profile picture for hermanshaw
In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower's financial situation.
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October 01 2009
Profile picture for dianetuman

Ward's got it right and Pasadenan is making a funny.

For more information what a short sale is, check out this page, What is a Short Sale?

Here's another helpful short sale blog post on  Mortgages Unzipped:
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August 27 2009
Profile picture for Pasadenan
A "short sale" is when an agent like Ward takes off his boxers and sells them to you for $5.
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August 26 2009
A short sale is where the value of the property is less than the amount owed. As a result the seller needs bank cooperation with their lenders to negotiate and complete the sale.  In todays market the situation is so common, the banks are very overwhelmed with short sale requests which can result in a very long wait for approval.  Buyers of short sale homes need to be  patient for approval.
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August 26 2009
 
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