Escrow & Title
A short sale in Oklahoma occurs when:
AA property sells quickly, usually within 24 hours of listing
BA property sells for less than the amount owed on the mortgage with the lender's approval✓ Correct
CA cash transaction that closes in under 10 days
DA government foreclosure auction sale
Explanation
A short sale occurs when the lender agrees to accept less than the full mortgage balance from the proceeds of a sale, allowing the distressed homeowner to sell and avoiding the formal foreclosure process. Lender approval is required.
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