There are many different kinds of property listings. There are bank-owned properties or foreclosures, which are the same thing. There are probate sales, trustee sales and regular type sales. But the one type of sale that is in a complete classification of its own is the short sale.
We have all heard the term short sale, but many people do not understand what a short sale is and what is entailed in the process of one. It is the most misunderstood type of sale, so it is very important for you to have a general understanding of this type of listing.
A short sale listing is a property that is listed on the market like any other property. However, the seller is typically upside down on the property; meaning that their loan balance on the home is higher than what the house is worth. So the seller tries to work with the lender or lenders on the sale, so that they can get out from the financial responsibility of the home.
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