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Champlin : Real Estate Advice

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Mon Feb 23, 2009
Lenny Frolov answered:
I think your best bet is a short sale. A process where both lenders would accept less than they are owed in order to get the property sold. It reflects much better on your credit than letting the property going into foreclosure. If you need some more info about a short sale let me know. ... more
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Tue Oct 18, 2011
Aaron Dickinson answered:
If you want the house, then yes. It is standard language in nearly any PA I've seen. Banks want to have the right to pull the offer if they need to, though I haven't heard of an occassion that they have unless there's title issues they cannot resolve (in which case any deal would fail).

Of course you should speak with your agent and an attorney if you need legal advise but it is things like this that are the reason you are getting the home for a very good price (I assume).

Nearly all of my clients that have bought a foreclosure have felt mildly violated during the process but after closing and a few months pass they are happy they bought the home.
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