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Short Sale
What is a Short Sale?
A short sale is a negotiation into with the homeowner's mortgage company or companies to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is " sold short"
Distressed Property Defined
1. Property that is in poor physical condition.
2. Property that is or will soon be in some stage of the foreclosure process.
3. Property owned by a person or persons who is or are experiencing a period of financial instability.
4. Property on which the mortgages total an amount higher than the current value and an owner must sell.