WHAT IS A SHORT SALE?
With the market infiltrated with SHORT SALES, it is really important that today's buyers be familiar with what a short sale is. The basic definition is as follows:
A homeowner that is in distress, meaning they have suffered some type of financial hardship that has prevented them from being able to stay current on their mortgage payments. They are in default on their mortgage and they are working with the bank to sell their home "short" of what is owed on the loan. These folks are generally upside down in their home (meaning they have no equity).
Monday, July 5, 2010
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