A short sale is a situation where a homeowner is attempting to sell a home that is worth less than the amount owed on its existing mortgage with their mortgage lender accepting the loss. The homeowner’s mortgage holder must approve the sale. It can take an additional 30 to 90 days to obtain the lender approval for a short sale offer.
For More Information or Ask a Question at our Houston Real Estate Buyer FAQ and our Houston Real Estate Foreclosure FAQ
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