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Hit Them With Your Best Shot: How Much to Offer on a Short Sale

HomeLight

But what if it’s a different kind of sale … for example, how much should you offer on a short sale? Enter the short sale : a solution for the seller, and a special opportunity for a buyer. What’s a short sale? Short sales are unique because they require the approval of the seller’s lender.

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How Long Does a Short Sale Stay On Your Credit Report? Myth vs. Reality

HomeLight

One of them is a short sale. The process is complicated and confusing, often leaving a worrisome question in its wake: How long does a short sale stay on your credit? What is a short sale? Your agent will also ensure that all additional legal guidelines required in a short sale are followed.

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How Do I Find an REO Buyer’s Agent Who Knows Bank-Owned Home Sales?

HomeLight

A “real estate owned,” or REO, home is one that’s owned by a bank. The owner either forfeited it to the bank, or the house went to foreclosure auction and the house didn’t sell. Whatever the case, now the house belongs to the bank. Buying a bank-owned home isn’t the same as buying a house from a private homeowner.

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How do Foreclosure Auctions Work? How to Find Properties, Research, and Bid

HomeLight

With online foreclosure auctions, you submit your offer digitally during a designated day and time. Figure out your financing. You can pay for the house with a cashier’s check, which is issued by a bank. If the auction does not allow for financing through a mortgage, you can consider a hard-money loan.

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131 Real Estate Terms & Definitions Your Clients Expect You to Know in 2023

The Close

A short-term loan that covers the cost to build a property until the owner can secure long-term financing. This is when a homeowner turns a deed over to the mortgaging bank to avoid going into foreclosure. This is the amount of a property that a person (not the bank) actually owns. Construction loan. Contingency.

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What is a Fannie Mae HomePath Property? Your Questions, Answered

HomeLight

You might have heard some funny stories about home sellers from your friends and family, but not all home sales happen on the open market between individuals. If you’re looking for a cheaper house or a fixer-upper, you could end up dealing with a bank or government agency instead. HomePath Ready Buyer. Must use an agent.

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Selling a House ‘As Is’ in Wisconsin

HomeLight

If they filed any insurance claims for damage to the property in the last five years, or if the home is a designated historic building, they will need to disclose that information, as well. There are a lot of hurdles that can come up with financing since it’s the bank buying the house – not the person,” Klaas says.

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