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Buying a Short Sale Property? Your Guide to Short Sale Requirements for Buyers

HomeLight

As fate would have it, right when you’re ready to start seriously searching for a home to buy, your dream house is listed for sale as a short sale. If you don’t know about short sale requirements for buyers, you might feel like you’re out of luck. What’s a short sale?

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

The Close

This can lead to a short sale, foreclosure auction, and/or the lender taking possession of the property. Freddie Mac is the common name for the Federal Home Loan Mortgage Corporation, or FHLMC. Jumbo loans generally require stricter qualifications, higher credit scores, and higher income and/or cash reserves.