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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

QUIZ: The Ins and Outs of Short Sales

 Are your buyers or sellers considering a short sale? These transactions can vary greatly, and they almost always involve some complications. Take this quiz to find out how much you know about these transactions.

1.What is a short sale?





2.Which of the following circumstances are appropriate for a short sale?





3.Which of the following is NOT an effective strategy for owners who are having trouble paying their mortgage but don't want to be forced into a short sale?





4.What is the first step sellers should take in the short-sales process after reaching out to their lenders?





5.Which of the following documents is NOT typically required by lenders prior to approval of a short sale?





6 .How long does it usually take a lender to review a short sale package?





7 .When is a short sale offer accepted?





8 .Which of the following is a potential downside of short sales?