Contracts
In Oregon, a 'short sale' occurs when:
AA property sells very quickly after listing
BA property sells for less than the outstanding mortgage balance, with lender approval✓ Correct
CA seller sells before the listing period expires
DA buyer purchases a property below appraised value
Explanation
A short sale occurs when a lender agrees to accept less than the full payoff amount of their loan so the property can be sold. Short sales require lender approval, take longer to close than regular sales, and may have tax consequences for the seller.
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