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Short Sale Closing Costs: What Buyers Should Know

HomeLight

If a homeowner falls behind on their mortgage payments, a short sale is one potential way of correcting course. That being said, the home purchase process is a lot more complicated and drawn out with a short sale because it all hinges on the oversight and approval of a third party: the mortgage lender. Short sales 101.

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The homegenius Platform gives consumers deeper insights in the home buying and selling journey

Housing Wire

titlegenius by Radian, provided by Radian Settlement Services, allows homebuyers and sellers to easily manage their title transaction and closing online and receive real-time updates from their agent for a cohesive experience. Loan must close to be eligible for reimbursement of credit toward closing costs at closing.

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Why Today’s Options Will Save Homeowners from Foreclosure

Keeping Current Matters

A decade ago, there wasn’t a forbearance option, and most banks did not put in other programs, like modifications and short sales, until very late in the crisis. Today, the vast majority of homeowners have significant equity in their homes. This dramatically decreases the possibility of strategic defaults.

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15 Homebuying Terms You Should Know When Searching for Your New Home

RIS Media

Approved for short sale : A term that indicates that a bank has approved a homeowner for a reduced listing price on a home, and said home is ready for resale. Closing : A meeting during which ownership of a home is transferred from seller to buyer, usually attended by the buyer, the seller, both real estate agents and the lender.

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17 Home Closing Delays and How You Can Avoid Them

HomeLight

Problems with the title. There are many issues that can arise from a title search on a home for sale — some small, some big — that must be addressed before the property can be legally transferred to the new owner. Minimizing clouds in a title search requires the seller to be proactive. Short sale.

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How to Buy a Foreclosure: Your Go-To Guide to Distressed Properties

HomeLight

Let’s take a look at the most common foreclosure sales and how they work. Short sale. A short sale isn’t necessarily a foreclosure sale, but it’s common to see a short sale done to avoid foreclosure. A seller will usually have to prove financial hardship for the lender to agree to the sale.

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Do I Need a Lawyer to Buy a House (And How Much Does That Cost)?

HomeLight

Lawyers represent the buyer’s best interests, explain the process to them, and also make sure that the title is clean. In some states, you could have three attorneys involved — the buyer’s attorney, the seller’s attorney, and the mortgage lender’s attorney — in a purchase and sale.