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What is a short sale?

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What is a short sale? A Short Sale is when a homeowner sells their house below what is owed to the bank. A short sale allows the homeowner to be able to sell the house prior to the home going into foreclosure. This is a good way to get a good deal on your next home or a good way to sell your home if you are behind on payments.
 
A short sale is normally sold for less than the rest of the homes in the neighborhood. The downside to purchasing short sale homes the length of time it takes to receive an approval from the bank. It normally takes between 90-120 days, or more, for the bank to approve the offer. This timeframe often creates problems for most people hoping to purchase a primary residence. However, if you are not in a hurry you can get a good deal on these homes.
To find a short sale, bank owned home in the Austin area:
 

Date: Monday, February, 23rd 2009 @ 05:10:49 AM
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