Escrow & Title
In Washington, a 'short sale' occurs when:
AA sale that closes in less than 30 days
BThe lender agrees to accept less than the full amount owed as full satisfaction of the loan✓ Correct
CThe seller accepts a below-list-price offer
DA licensed broker completes a sale in under 24 hours
Explanation
A short sale is when the lender agrees to accept a payoff amount less than the full loan balance owed, as full satisfaction of the debt. It allows the borrower to sell the property and avoid foreclosure, but the lender must approve the short sale terms.
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