Short sales occur when the seller owes more on the property than its current market value. In most cases, the seller has already initiated work with the lender and is in a pre-forclosure period. These transaction often take a long time (expect 6 months) because the bank(s) needs to approve the sale. They can result in some good deals because it is costly for banks to go through long foreclosure processes or own property. If the description does not state this is a short sale, please call me at 808-344-0469 to verify.
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