Tips on Buying a Short Sale Property
A short sale occurs when a home is sold for less than the value of the mortgage attached to it. Lenders allow short sales when it is more cost effective than to foreclose. After a short sale closes, the remaining balance owed to the lender is usually paid by PMI, the borrower or written-off by the bank as a loss. Purchasing property on short sale can be a profitable method of buying real estate, especially structures that need little or no repairs. While the process of short sale purchases
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