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Topic - Stephanie Corley
The term "short" in "short sale" refers to the sale price of the property falling short of what is owed on its loan. But if it were to mean the amount of time it takes to complete such a sale, real estate experts agreed it more accurately would be called a "long sale."
If real estate experts were singing the old song "Breaking Up Is Hard to Do," they might change the lyrics to "Breaking Up Is Expensive to Do."
"If it's sat for three months or so, you need to resubmit all the paperwork because it must all be up to date," Ms. Corley said.
"But if the wording in the approval letter [from the bank accepting the offer] says that the loan is satisfied in full, you won't take that hit," she said. "It's a good idea to consult with an accountant to make sure that the wording is correct and that the debt is forgiven; otherwise, the bank will try to collect the difference."