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Exactly what are short sale homes?

Short sale homes occur when homeowners have to sell their home at a value that is less than the amount owed to the bank in mortgage(s).  The homeowners work with the bank to sell the property for market value; the bank and seller agree to the loss.  The bank can hold the right to come back and charge the seller for the difference, (this is between the seller and bank).

Short sales can be a very lengthy process, sometimes taking four months or longer.  The owner is responsible for the home and must sign all paperwork before the bank can negotiate the price.  Once the bank assigns a negotiator to the file the sale date, if scheduled at an auction, can even be postponed.  The price and commission on a short sale are determined ultimately by the bank.    

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