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	<description>Active Adult Communities in the Phoenix &#38; Las Vegas areas</description>
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		<title>The Short Sale Process is LONG!</title>
		<link>http://golfat55.wordpress.com/2010/06/24/the-short-sale-process-is-long/</link>
		<comments>http://golfat55.wordpress.com/2010/06/24/the-short-sale-process-is-long/#comments</comments>
		<pubDate>Thu, 24 Jun 2010 02:59:33 +0000</pubDate>
		<dc:creator>Margaret Stephens</dc:creator>
				<category><![CDATA[Buying]]></category>
		<category><![CDATA[Short Sales]]></category>

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		<description><![CDATA[A "short sale" is when the seller owes more on their mortgage than they can clear when they sell their house, so they must get the bank to approve the "shortage" of funds to pay off the loan and release the mortgage lien on the property.

A successful short sale typically takes around 4 - 6 months to get an answer from the bank, and then you'll have another 30 days to close after you get an approval from the bank. The key world being "successful," because lots of short sale contracts just end up in limbo and you'll never get any response from the bank at all...you'll just find out some day that the bank went ahead and foreclosed on the property, or the seller filed bankruptcy, or any number of other problems.  Only about 40%-50% of short sale contracts actually close escrow.
 <a href="http://golfat55.wordpress.com/2010/06/24/the-short-sale-process-is-long/">Continue reading <span class="meta-nav">&#8594;</span></a><img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=golfat55.wordpress.com&amp;blog=14221912&amp;post=22&amp;subd=golfat55&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<title>If your new home appraises for less than your contract price</title>
		<link>http://golfat55.wordpress.com/2010/06/16/what-happens-when-your-new-home-appraises-for-less-than-your-contract-price/</link>
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		<pubDate>Wed, 16 Jun 2010 02:47:09 +0000</pubDate>
		<dc:creator>Margaret Stephens</dc:creator>
				<category><![CDATA[Buying]]></category>
		<category><![CDATA[New Homes]]></category>

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		<description><![CDATA[The price you've agreed to is set when you sign the papers, not when you close on the house months after you've signed the contract. In an upwardly trending market, buyers are thrilled that their home is worth more at the time they close on it than it was when they signed the contract a few months ago, but....and in a down market, that can mean lots of time for the prices in the area to trend downward too. <a href="http://golfat55.wordpress.com/2010/06/16/what-happens-when-your-new-home-appraises-for-less-than-your-contract-price/">Continue reading <span class="meta-nav">&#8594;</span></a><img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=golfat55.wordpress.com&amp;blog=14221912&amp;post=5&amp;subd=golfat55&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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