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Short Sale information
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 borrower. 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. Neither side is doing the other a favor a short sale is simply
the most economical solution to a problem. Banks will incur a smaller
financial loss than would result from foreclosure or continued
non-payment. Borrowers are able to mitigate damage to their credit
history, and partially control the debt. A short sale is typically
faster and less expensive than a foreclosure.Seller(s) will not pay commission to Real estate brokers.
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