Many buyers in today's market are writing offers on properties being offered as short sales. A short sale transaction is the process of selling a home owned by a party who owes more on the mortgage(s) than the home is worth. The lender for that home must agree to accept less than they are owed in order for the house to sell. This process can take weeks or months, depending on the lender. These transactions are typically negotiated by the listing agent, an attorney or a private short sale negotiator.
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