Many people have heard of short sales but they don’t always understand exactly what they’re for or how they work.
This video explains the basics in an easy to understand format. After watching it, you should know:
In certain qualifying cases where a homeowner owes more on their home than what it is worth today, a lender may allow that homeowner to sell the property for less than the mortgage balance and accept a short sale. A short sale allows the homeowner to sell their home to a buyer, thereby avoiding a lengthy foreclosure process that can be damaging to credit and future ability to purchase real estate.
To qualify for a short sale as a homeowner, you must meet three simple requirements:
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