Short Sale

Short-Sale Properties; How the Process Works, Process, Timeline, Bottom Line, etc.
When shopping for a home, you may notice that certain listings are labeled as short sales, short pays or pre-foreclosures. All of these terms mean the same thing: the seller is upside-down on his or her mortgage and is attempting to negotiate a deal with the lender in the hope of avoiding foreclosure.
 

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Approved Short Sale

What Does An Approved Short Sale Mean?
Short sales are a complicated process, the wait for short sale approval can be very long, and sometimes buyers lose patience. Another little quirk about short sales is the fact they are often priced under the comparable sales. Some agents list them low purposely to attract multiple offers. Therefore, the offer a bank accepts might be much higher than the list price because sellers often pick the highest priced offer.
Here is a quick overview of the short sale approval process:

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