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what is a short sale ? and can you offer a lower price then what is listed?
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Robin, a short sale is when the bank is willing to accept an offer on a property that is less than the current mortgage balance. For instance Joe Smith owes $142,000 on his house and can longer afford to make the payments. He would request a short sale package from his bank. He lists the property, receives an offer of $125,000 from a potential buyer. The bank that holds the sellers mortgage would have to agree to sell the property for $125,000 which would be less than what is owed on it. Hope that helps.
A short Sale occurs when a lender is willing to accept less than the full mortgage pay-off. The lender agrees to an amount that is less than the outstanding mortgage balance by reducing the pay off and allowing the borrower to possibly have some or all of the debt forgiven.( this is done case by case.)
that is what a short sale is, you offer and the bank accepts lower than what is owe.
A short sale is when the sale of a home does not completely pay the bank what the seller owes. You can offer less if you like, however, ultimately the price accepted is up to the bank. There are a ton of really great short sale deals.
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Diane Eme
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what is the most recent date of the values of the homes. Is this based on recent sales?
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