Short Sale Of House Process

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The purpose of a short sale is to get the property sold, so you do not keep the house. Just as in a normal sale, you will be moving, typically when the sale closes. Some sellers choose to move before the house closes. You will not be allowed to remain in the house.

This is the typical short sale process from the bank’s end of things: It acknowledges receipt of the file. This can take from 10 days to as long as a month. A negotiator is assigned. This can take two to three days, or it can take 30 days. A broker price option is ordered. The bank probably will …

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How to buy a house with a short sale, Part 1 The process can be tricky, but you can facilitate it with certain steps. A short sale results when a lender agrees to the sale of a property at fair market value even if the outstanding mortgage against the property is more. Ideally, the lender forgives any balance due on the loan after the sale goes through; the borrower is no longer on the hook for the remaining mortgage balance, although this isn’t always …

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A successful short sale means the seller’s lender is willing to accept a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it. That’s because sellers need to qualify for a short sale.