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A task force of Grand Strand Realtors has agreed on a set of 13 guidelines to help speed up and simplify the short sale process.
Short sales, which have become popular as homeowners are struggling to keep their homes, occur when a seller tries to avoid foreclosure by negotiating with the lender to sell the property for less than the amount owed on the mortgage. About 9 percent of all single-family homes and 12 percent of condominiums listed for sale in the Multiple Listing Service on Friday are identified as lender-approved or potential short sales.
Click here for the full article from www.thesunnews.com.
