Understanding the Bank’s Position Leads to Short Sale Success
By Christian Penner, Mortgage Broker Owner - 561-316-6800 | 561-373-098
(America’s Mortgage Solutions | The Christian Penner Mortgage Team)
A Palm Beach County short sale is a transaction in which the amount paid is not sufficient to cover the existing mortgage or property liens. Once the lender agrees to accept the lesser amount, the short sale succeeds, the lender calls it even with the seller, and all parties can move forward. It’s a good thing to ‘unfreeze’ a property, yet short sales in West Palm Beach can be tricky to close. In the worst-case scenario, a buyer and would-be short seller can be put on ice for a full year or more before the short sale succeeds. As is evident to anyone who has been through the process, a Palm Beach County real estate agent with short sale experience is essential for leading the way through the negotiations and closing. In addition to working with a knowledgeable agent, it’s good to also ...
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