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How To Purchase A Short Sale Home

 · how long does it take to purchase a short sale home? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

Questions to ask the short sale listing agent, and how to research the home's history before writing an offer.

Every short sale is different and as much depends on the lender as it does on the listing agent. Some listing agents outsource their short sale negotiations to a third party, which can often delay a response. Qualify Your Short Sale Before Writing the Offer. Before you decide to buy a short sale home, ask your agent to do a little groundwork.

2014-10-29  · The term short sale refers to the fact that the home is being sold for less than the balance remaining on the mortgage, for example, a person selling a.

 · Short sale homes were common during the Great Recession but are less typical today. Still, short sale listings do come to market and differ from traditional home purchases in almost every way. Here’s what first-time homebuyers and others need to know when buying a short sale home, or selling your home in a short sale.

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The short sale will stay on your credit report for seven years, but you can finance a new home purchase within one to four years of a short sale depending on credit score, loan type and down payment. Again, a foreclosure is even more severe.

What is a Short Sale? A short sale occurs when the bank allows a homeowner to sell a home for less than what is currently owed to the bank. For example, if you owe the bank $200,000 but sell the home for $180,000 (and can’t pay the $20,000 still owed), the sale would be considered a short sale, as the mortgage lender would be receiving less money than it is owed.

A short sale is a home that is available at a purchase price that is less than the amount owed by its current owner. The transaction benefits the bank by allowing it to avoid repossessing the home.

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