Contracts
In a Virginia short sale, who must approve the sale price before the transaction can close?
AThe seller only
BThe seller's mortgage lender(s) who must agree to release the lien for less than the full payoff✓ Correct
CThe buyer's lender
DVREB
Explanation
A short sale requires approval from the seller's mortgage lender(s). The lender must agree to accept a payoff less than the outstanding balance and to release the deed of trust lien.
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