Subject to lender approval of discounted payoff without pursuit of deficiency judgment.
2007-11-16 04:34:22 · 9 answers · asked by ? 3 in Business & Finance ➔ Renting & Real Estate
You are speaking in terms of a short sale here. Assuming this is some sort of offer to purchase, the acceptance of the offer is contingent upon the lender approving a sale for less than is owed on the property, along with the lender's agreement to the seller that they will not sue the seller for the deficiency in the mortgage payoff.
2007-11-16 06:01:48 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
It means the seller owes more than he is asking for and the lender needs to approve a short sale.
2007-11-16 12:55:56 · answer #2 · answered by frankie b 5 · 0⤊ 0⤋
Unisberk is correct... The lender must approve the short sale and would not go after the difference between the sales price and the outstanding loan(which is higher than sales price!)
2007-11-16 04:46:23 · answer #3 · answered by trop 4 · 3⤊ 0⤋
Multiple Listing Service (MLS) Association of real estate Brokers who agree to share Listings with one another.
2016-05-23 10:09:34 · answer #4 · answered by madeleine 3 · 0⤊ 0⤋
That means if you are 'settling' a judgement for less money than the original creditor was seeking, you will have to provide proof to the lender that the original creditor agreed to the arrangement, and that payment of a lesser amount would satisfy the judgement IN FULL.
You will also have to source funds that you are using to pay the judgement with and provide proof it was made.
2007-11-16 05:16:40 · answer #5 · answered by Expert8675309 7 · 0⤊ 1⤋
It means the contract is only valid if the lender accepts a short pay without recourse.
2007-11-16 04:43:04 · answer #6 · answered by Anonymous · 2⤊ 0⤋
Unisberk is correct.
2007-11-16 05:01:42 · answer #7 · answered by Sound_of_the_Trumpet 2 · 2⤊ 0⤋
Ask you realtor or escrow officer.
2007-11-16 04:40:00 · answer #8 · answered by Tim 7 · 0⤊ 3⤋
no idea
2007-11-16 04:37:45 · answer #9 · answered by crystal t 2 · 0⤊ 3⤋