SFR Practice Questions - Short Sales & Foreclosure Resource Exam

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Which document, when included in a short sale approval letter, best protects the seller from later collection on the unpaid balance?

A buyer pre-approval letter from the lender A deficiency waiver releasing the seller from personal liability for the shortfall An as-is rider in the purchase contract A title commitment with extended coverage

Correct Answer:

A deficiency waiver releasing the seller from personal liability for the shortfall

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