Short Sale program flops

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What You Need to Know About Short Sales. If you owe more on your loan than your home is worth and need to sell your home, the transaction is called a short sale. You can only do a short sale if your lender approves it, because they must agree to take less money than they’re owed. To qualify, you must prove financial hardship with documentation.

“Flip This House” was canceled in 2009, and one of the show’s high-flying speculator couples later filed for bankruptcy, caught short. A program that occupied a middle ground between the.

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Buyers can get so tired of waiting for short sale approval that they might threaten to cancel if they don’t get an answer within a specified time period, but that’s self-defeating. It won’t speed up the short sale process. A short sale might not be the best option for buyers with little patience.

The seller must first obtain a sales contract in order to be considered for the program. To protect the seller’s interest, the seller should make the sales contract contingent and/or subject to the approval of a VA compromise sale.

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A short sale is a home that is available at a purchase price that is less than the amount owed by its current owner. The transaction benefits the bank by allowing it to avoid repossessing the home.

Short sales are now a hefty part of the real estate market. short sales are the process of selling a home for less than the stated mortgage balance. The process unfortunately has allowed a tremendous amount of fraud to occur and with more purchases going through the short sale route, this is simply another concern potential buyers must be aware of.

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