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what is the difference between short sale and pre forclosure

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January 11 - Blue Springs
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A short sale means that the seller owes the bank/lender more than their house is currently worth....ie they are selling it short of its market value.  In order to go forward, they must get their lenders approval on the sale.  Depending on where they are in the process, this could take up to 6 months (sometimes longer) before closing.  Short sales are not for the feint of heart!

Pre foreclosure indicates that the sellers are behind on their mortgage payments, but the bank has not yet taken any action.  However, if they continue to get behind, the likelyhood is that they will have to either sell it "short" or go into foreclosure.
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January 11
Check out investopieda, lots of great explanation of financing terms.  
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January 11
Many use the two terms interchangeably. The term pre-foreclosure is very misleading and can mean several things so I discourage it's use. A house is either in or not in the process of foreclosure. Any house not in foreclosure could be said to be pre-foreclosure.
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January 11
 
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