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Marcia Coughlin's Blog

By - Marcia Coughlin - | Agent in 11357

COVERING THE WATERFRONT AND BEYOND..short sales

Are all short sales legitimate?   A short sale means that you owe a larger sum to the bank for your mortgage than the worth of your home.  You are in arrears and must sell or go to foreclosure.   It is a better choice to short sell.  The bank has to approve this.
From what I have seen in my waterfront neighborhood short sales are being used as a selling tool to attract buyers.  Truth be known is that the amount wanted for the short sale is basically what the home is worth at this time.  But with all the fanfare  the marketing of short sales makes the buyer feel like they are getting a great bargain.  Actually the buyer is paying market price in many of these short sale properties.
And the beat goes on.

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