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FEATURED Short Sale homes
IN Royal, Vancouver, WA
As foreclosure rates come to record levels, more sellers are converting to short sales as a way to keep away from foreclosure. So, how does it work? A short sale home means the seller organizes with their short sale realtor accept a price that's less than the amount that they owe on the property. As part of this agreement, the lender typically agrees to eliminate the rest of the loan. As a result, the seller doesn't have to go through a foreclosure, the buyer picks up a short sale property at a discounted amount, and the lender avoids taking on the stress of unloading the property. Sounds good right? Well, sellers selling short sale housing need to know that a short sale may hurt their credit, though probably not as significantly as a foreclosure. Also, lenders generally will only approve a short sale if the seller is numerous payments behind and has received a default notice. Buyers may get a great short sale property for sale at a discount, but they also will need to go through some extra paperwork as well. Not to mention, they also need to be ready to roll up their sleeves if that new short sale real estate requires fixing up.