Finance
A Colorado seller agrees to a 'short sale' on their home. In a short sale:
AA. The home sells quickly, usually within 30 days
BB. The lender agrees to accept less than the full loan balance as full satisfaction of the mortgage✓ Correct
CC. The buyer must pay cash only
DD. The sale closes in less than 14 days
Explanation
In a short sale, the lender agrees to accept the proceeds from the sale (which are less than the outstanding loan balance) as full (or partial) satisfaction of the mortgage debt. This requires lender approval and may affect the seller's credit, but allows the seller to avoid foreclosure. The lender may or may not pursue a deficiency judgment.
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