Inman’s Blog writes that “short sale” tops the list of recent searches on the InmanWiki - by a landslide. Is this an indication of what is on everyone’s mind?
A short sale refers to the sale of a property in which the sale price is insufficient to pay off all encumbrances and pay the expenses of sale. If the lender is convinced that the owner in unable to make the payments the lender will often agree to take less than the full amount owned to allow the sale to close escrow. Why would the bank agree to a short sale? The incentive for the bak is to have the property sell before the loan becomes a problem on their books.
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