Escrow & Title
A 'short sale' in Alaska occurs when:
AA property sells in fewer than 30 days after listing
BA lender agrees to accept less than the full mortgage balance as full payment upon sale of the property✓ Correct
CA buyer makes an all-cash offer below the listing price
DA seller reduces the listing price twice within 30 days
Explanation
A short sale occurs when the sale price is less than the outstanding mortgage balance and the lender agrees to accept the proceeds as full satisfaction of the debt. Short sales must be approved by the lender and can take significantly longer to close than conventional sales.
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