FORECLOSURES?  SHORT SALES?

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What is a short sale? A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan. This page offers information about the basics of short sales and advice for the real estate professional. (A. Siudzinski, Information Specialist)

Short Sale Advantages

Short sales appear on your credit report as "pre-foreclosure in redemption", not as "debt discharged due to foreclosure"

Less impact on your credit score

All mortgage debt is fully discharged

For Buyers, the advantage is to be able to get a property at a good deal.  The disadvantage is that is a long process, there is uncertainty until the very last and it an AS IS sale.  It is important to work with a realtor that understands and knows the process.

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