The Cost of Short Sales, CoreLogic Research Study – An Analysis of 2010 Short Sale Trends, Risks, and Opportunities Study, August 2010
“The objective of this study is to understand the actual costs of residential mortgage short sales (or short payoffs) to mortgage industry participants and the industry itself. A short sale is a real estate transaction in which the lender permits the borrower, who is unable to pay the mortgage for whatever reason, to sell the property for less than the total amount due on the mortgage usually at a loss to the lender. In the course of this study, we examined over 250,000 single family residence (SFR) short sale transactions during the past two years. Analysis of these data not only helped us determine current trends in the short sale arena but clarified the many risks and opportunities that define the actual cost of these transactions.”
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