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Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
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Editor’s note: This is a transcript of the audio file.
A short sale can be anything but short. Sure, you can score a great deal on a property but you gotta put in lots of time, effort and patience. I’m Kristin Arnold with your Bankrate.com Personal Finance Minute.
For owners who can no longer afford their mortgages, a short sale is an alternative to foreclosure. 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.
Sounds like a great option for both seller and buyer who can snag a great bargain. But, a short sale can take a long time … driving some homebuyers away.
So, what does it take to move a short sale along in a timely manner where the seller, lender, buyer and agent come out on top? Well, every short sale is different, but you can start by making sure you use a knowledgeable real estate agent who has experience closing several short sale properties. Get a lawyer to go over the legalities and stay on top of everything with detailed notes and follow-up phone calls.
For more on short sales, visit Bankrate.com. I’m Kristin Arnold.
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