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A short sale is a sale of real estate in which the sale proceeds are insufficient to satisfy the remaining amount owed on the property's loan. Typically, this result from borrower’s inability to pay the mortgage loan on their property. In many instances, it is more advantageous for the bank to allow a short sale, rather than foreclose because selling the property at a moderate loss may save the bank significant fees associated with the foreclosure process. In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Our team has closed numerous short sale transactions, and we can help you as well. Avoid foreclosure and salvage your credit by contacting us today.
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