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• Seller has stopped making the payment and received a notice of default. Typically this happens after 90 days of non payment.
• The bank is ready for short sale confirming that the house is being sold for a reasonable price. Ask agent for the bank's agent name, title and if paperwork is complete. This is called Notice of Trustee Sale.
• Listing agent is experienced with short sales.
• Foreclosure is at least six weeks away. It takes that long to get a short sale approved.
• The home only has one mortgage.