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Short sale
is the phrase that came into common usage in the late 1990's as
lenders began to authorize the sale of properties that they had
loans on but not yet foreclosed on at a discount. The lender agrees
to accept an amount that is less than the existing loan amount
due on the house.
The bank takes
a shortage on there loan proceeds owed to them, in-order not to
take the property back through foreclosure, and not adding it
to there list of real estate owned (REO). By doing this the bank
saves on legal, maintenance and other holding costs. Get your
copy of the basics of short sales, the check list and forms.
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