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Real Estate Question - can anyone answer?
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familyof4
LIF Infant
Member since 1/07 74 total posts
Name:
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Real Estate Question - can anyone answer?
I was looking at MLSLI and I found a house that I like. . . .in the description it says SHORT SALE PENDING.
What does that mean for the buyer? I know what it means if you own the house. . but wasn't sure for the buyer.
Can anyone answer?
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Posted 6/30/09 8:52 PM  |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: Real Estate Question - can anyone answer?
make sure you post this on the Home board. You'll likely get more answers over there.
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| Posted 6/30/09 9:28 PM |
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SecretTTCer
LIF Adult
Member since 6/08 2284 total posts
Name:
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Re: Real Estate Question - can anyone answer?
A short sale means that the seller owes more money than the home is worth. So basically they end up with no money in the sale. Short sales can be a good deal for a buyer but the process could take forever because you are buying from the bank. The bank has to approve the sale (and the fact that they are losing money).
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| Posted 6/30/09 9:41 PM |
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jklein1323
LIF Adolescent
Member since 11/06 847 total posts
Name:
J
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Re: Real Estate Question - can anyone answer?
Probably means the bank hasn't agreeed that the owners qualify to let the house be sold as a short sale instead of a Foreclosure. You only qualify as a seller to sell your house short sale, if the bank truely believes that you cannot afford to pay the mortgage.
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| Posted 7/1/09 4:52 PM |
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