Frequently asked Short Sale questions - Dom Naidoo Westside Properties
By Dom Naidoo, Malibu to the Marina Real Estate
(Westside Properties)
Happy Monday everyone! I hope you had a great Thanksgiving holiday and are ready for the week ahead. I recently attended another seminar for short sales and distressed properties and was amazing at the constantly changing short sale laws and programs for homeowners. Here is some information I retrieved from the seminar: FREQUENTLY ASKED QUESTIONS THE SELLER’S PERSPECTIVE 1. What is a short sale? A short sale is a sales transaction in which the seller’s lender(s) agrees to accept a payoff of less than the balance due on the loan and, in most cases, agree to pay the associated costs of sale. 2. Do lenders always agree to pay the costs of sale? No! Short sale transactions do not follow a standard “blueprint.” Each transaction is evaluated based on the extent of loss, seller financial pos...
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