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The term short sale is used because these lenders will often times sell the house for much less than the balance owed to avoid ownership and responsibility themselves. They are not in the business of rehabbing, renting or flipping houses.
How deep of a discount can you expect to get? That will depend on the area you are in and the number of houses that are either in pre-foreclosure or have been foreclosed on already. The other factors will be the condition of the real estate or house itself and the general market conditions overall. The key is to know your market and to buy the property right. If you really know your market thoroughly your chances of success will be increased greatly.
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