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To buy a home after you sold one in a short sale, you need time, good credit and money down.
A short sale is when a mortgage lender agrees to allow a homeowner to sell their home for less than what they owe on the mortgage. ... Whether you’re buying a short sale or other type of home ...
6. Short sale. A short sale happens when the lender allows you to sell the house for less than the outstanding loan amount, takes the proceeds and forgives any remaining debt. A short sale could ...
A short sale can affect credit as little as 50 points as opposed to a foreclosure, which could affect credit rating by more than 300 points. A deed in lieu of foreclosure has a much more devastating effect on the borrows credit. In addition, a short sale or short refinance will be recorded with credit bureaus as paid in full or settled for less.
REO sale property in San Diego, California. Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1]
In real estate, creative financing is non-traditional or uncommon means of buying land or property. The goal of creative financing is generally to purchase, or finance a property, with the buyer/investor using as little of his own money as possible, otherwise known as leveraging.
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