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07/29/07
Troubled homeowners are finding a new way to sell
Filed under: General, Real Estate
Posted by: Lillian Wong @ 1:36 pm

A growing number of homeowners behind on their mortgage and facing foreclosure are finding a way to sell despite the glut of Valley homes for sale. They are turning to “short sales,” which are similar to regular home sales except a deal is worked out in which the lender accepts what the house is appraised for or what it will currently sell for instead of what is owed on it. So a homeowner would sell the house to a buyer willing to pay the current market value of the home, and the lender takes a loss on the rest.  More…

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