What Does It Mean Short Sale For Home

What does it mean when a short sale is off the market? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

The term short sale refers to the fact that the home is being sold for less than the balance remaining on the mortgage, for example, a person selling a home for $150,000 when there is still.

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Price the home based on best estimate of the price that the bank will approve – Banks have a process for determining what sale price they will or will not approve on a short sale. The most experienced short sale agents will understand this process and price the property realistically within a range that is likely to be accepted.

A Short Sale is when the homeowner owes more on their mortgage more than what the property is currently able to sell for in today’s real estate market place. This can occur for many different reasons. Equity lines of Credit where the homeowner takes money out of the equity of their home to pay off bills to an amount greater.

Buying a short-sale house: A guide to the process.. An interested buyer typically makes an offer in line with property values, but the seller is. In most cases, this also means posting a sizable amount of money to demonstrate.

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If the short sale will make the lender take a bigger loss than foreclosure, the lender will usually have to foreclose. Both the seller and the buyer need to make sure the sale makes sense for everyone, not just the seller. Other reasons include: Short sale package submitted by the seller is incomplete. An experienced listing agent would prevent this.

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