Agency
A Wyoming agent who represents a seller in a short sale transaction (where the sale price is less than the mortgage balance) must disclose to the buyer that:
AShort sales are illegal in Wyoming
BThe transaction is subject to lender approval and may take longer to close✓ Correct
CThe buyer must assume the seller's remaining mortgage balance
DShort sale properties are sold with full warranties
Explanation
In a short sale, the lender must approve the reduced payoff. Agents must disclose to buyers that the sale is contingent on lender approval, which can take weeks or months, and that the property is typically sold 'as-is.'
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