Today’s real estate market has specific challenges we didn’t have in the past. The financial crash produced many distressed properties. Banks foreclosed on homes when the mortgages were no longer being paid. Some owners have chosen to sell homes as short sales rather than losing them in foreclosure. Credit damage is less severe if you can sell as a short sale VS. losing the home in a foreclosure. In order to sell your home as a short sale, one of the conditions is that the owner must have no liquid assets. If they have funds the short sale will not be approved by their lender. Typically, a short sale has not been maintained well. If the prospective buyer applies for an FHA mortgage in order to put less money down, the buyer and the home has to qualify in order for the mortgage to ...
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