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Understanding the Process of Real Estate Short Sales in the US

What is a Short Sale?

A short-sale is the process of selling your home under instances in which the proceeds of the sale may not fully settle the outstanding loan balance. The lender accepts a payoff that is discounted to fully settle the loan. The advantage is that the lender meets all the costs that come with the sale. Such costs include repair costs, escrows and titles fees, and commission just to name a few. You can avoid foreclosure by getting assistance to dispose your home and payoff your current mortgage.
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