With new records being set in foreclosure rates, sellers are turning to short sales more and more. How does a short sale work? The seller has to make arrangements with their mortgage lender to accept a sale for the property for an amount that is less than what is owed. This agreement typically ends up with the lender waiving the rest of the loan. This is a better option than going through a foreclosure. The result of this is that the buyer gets a good discount on the property, and the lender avoids the difficulty of having to sell the property again. Due to the exorbitant amount of losses suffered by mortgage lenders during the financial crises of 2007-2010, they are now much more willing to accept short sales than they have been in the past.
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