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Dan Fischer, Home Buyer in Oakville, On

What is a short sale?

Asked by Dan Fischer, Oakville, On Wed May 28, 2008

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A short sell is when more money is owed on a property than it can be sold for in the market. The Lender will agree to allow the owner to sell the property below the amount which is owed.
0 votes Thank Flag Link Wed May 28, 2008
A short sale is when you sell a home for less than you owe your bank. You need to get special permission from the lender to do this and it involves a bit of legal rigmarole.

Both on the buy-side and on the sell side I recommend using a real estate agent to help you with this special-case transaction. There are some legal liabilities/processes in addition to the usual ones for which you will likely want the help of an experienced professional.

You can find lots of Realtors who often work with short sales at http://www.seekingagents.com.
0 votes Thank Flag Link Wed May 28, 2008
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