questions about short-sales vs foreclosures
Posted by jackieboylan on May 16th, 2008
A Short-Sale is a process by which a Seller of Property may be unable to adequately make his Mortgage Payments but proactively lists his Property in an effort to avoid the Notice of foreclosure Process by the Bank which is more costly for the Bank and can adversely affect the credit of the Seller for years…Any offers recieved on the Property if the value is below what is owed must be accepted by the Seller and have the approval of the Lending Institution which may mean they (Bank) can come up “short” of what is owed on the Property….This Process takes at least 30 days from acceptance of Offer and sometimes longer…
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