Short selling is the sale of a security that is not owned by the seller or that the seller has borrowed. Short selling is motivated by the belief that a security’s price will decline, enabling it.
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A short sale is a sale of a property where the proceeds of the sale are less than the balance owed on the mortgage covering the property. A short sale might be right for many people, but is it the best option for you? Consider the following before deciding on a short sale of your home.
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Keep copies of all paperwork related to the closing and settlement after you sell your house Although it might be tempting to shred the paperwork or put it in storage, you’ll want to have it handy.
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Perhaps a real estate broker called to let you know someone wanted to buy your house but it would need to go through a short sale in order to make the deal happen. Before you agree to a short sale after bankruptcy, let’s take a step back and inject a little bit of reality into the situation.
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A short sale is a lender managed sale in which you sell the property for less than what you owe on the mortgage, so you can’t make any money off a short sale. On the other hand, if you can sell the house for more than what you owe, it’s not a short sale and you keep the money you.
Escrow Account Refunds. A sale of your home, for example, will result in your mortgage loan being paid off and then closed. Generally, lenders closing out their borrowers’ mortgage loans must refund any escrow account balances within 20 business days, but refunds don’t always occur.
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Short sale can be a win-win-win – for buyer, seller, and mortgage alike. Instead of fearing the short sale, learn how you can use it your advantage, no matter what side of the deal you’re on.