Escrow & Title
In a Florida 'short sale,' the seller must obtain the lender's approval because:
AThe lender owns the property
BThe lender holds a lien on the property and must agree to release it for less than the full amount owed✓ Correct
CFREC requires lender approval for all discounted sales
DThe buyer's lender requires it
Explanation
In a short sale, the seller owes more than the property is worth. The lender (who holds the mortgage) must approve the sale and agree to accept less than the full loan balance as satisfaction of the debt, releasing the lien so title can be conveyed.
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