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Sales
The Basics of ,Short Sales,
by William Bronchick
You will likely come across dozens of properties in foreclosure with little or no equity, that is, the seller owes at close to or more than the property is worth. In these situations, lenders are sometimes willing to accept less than the full amount due, commonly referred to a ,short pay, or ,short sale.,
Negotiating a short sale with the lender is a difficult process, generally because it is a daunting task finding a bank officer who has the authority to accept a discount. You will have to call around to locate the lender’s ,Loss Mitigation Department., More than likely, each lender you deal with will have a separate name for this department, so be patient when calling. Much like getting your phone bill corrected,...
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