Tagged : Sacramento Short Sale
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Friday, February 3rd, 2012 at 5:53pm. 535 Views, 1 Comments.
What is a short sale?
Short sales occur when property values have dropped, and the homeowner is unable to sell the property for enough to pay off the debt owed. A short sale is when a lender allows the homeowner to sell the home for less than what is owed on the mortgage note. Typically, a lender would rather pursue a short sale and lose less money, as opposed to taking the property back through foreclosure.
FOR BUYERS: Advantages of a short sale
A buyer may have an opportunity to purchase a property below current market value (Not guaranteed). Most lenders require at least 90% of the current market value for the home, so buyers have a chance to purchase a property at a discount of up to 10%.
The condition of the home…