1. Subject to Lender Approval. The lender must agree to accept a sale price that is "short" of the outstanding mortgage balance.
2. The offer will need to be a certain percentage of the property's Fair Market Value (FMV) to be considered by lenders.
3. Contractual timeframes begin from the Binding Agreement Date and extend after the buyer receives written approval of the short sale terms from the seller's lien holder(s).