A short sale is a sale of real estate in which the net proceeds from selling the property will fall.. Junior Lien holders will get nothing in the event of a foreclosure (that qualifies for a short sale) therefore they have every. these negotiations, since the insurance policy may be asked to pay out a claim to offset the creditor's loss.
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Short Sale. It is important to note that no short sale may occur without lender approval. Short sales tend to be lengthy and paperwork-intensive transactions, sometimes taking up to a full year to process. However, short sales are not as detrimental to a homeowner’s credit rating as a foreclosure is.
The seller's short sale package will most likely consist of: Letter of. Banks are not in the business of giving away a home at rock-bottom pricing. The bank will want to receive. Buyers may wait a very long time to get a response from the bank.
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