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The act of a homeowner approaching their bank or banks, which hold their mortgage or note on their residence, obtaining approval to sell the home for less than the "owed" amount.
This can come about due to distress, hardship, death, divorce, disease, job loss and for strategic reasons.
Letters of hardship (application) has to be filled out, financial profit and loss statements, we will need a contract to list the home and represent the seller, plus an offer for the "short sale". After those items are all completed, they are submitted to the bank or banks that hold the note on the sellers home.
Issues - Strategic short sales are approved every day - just be upfront with your bank. Any attempt to mislead or deceive is Fraud - Which is pretty heavy :(
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