A Short Sale is when there is more debt owed on the property than the property’s value. In a loan default situation, (pre-foreclosure) the creditor (s) may be willing to agree to allow the property to be sold for less than the loan amount and/or accept less than (or “short”) the amount owed as payment in full.
You are a good candidate for a Short Sale? You may be if..
You don’t have a home to sell
Are willing to be patient
Have strong financing or paying cash
You don’t need a home right away
Your not looking for an investment property
Don’t require large closing cost contributions
You are prepared for a rejection to your offer
Key differences between a normal residential purchase and Short Sale Purchase
Short sales have some key differences than a normal residential real estate transaction. Short Sales are:
Require bot the seller and the seller’s lender to accept and approve of the contract.
Sold AS-IS (No Repairs)
Time Consuming – It can take weeks or months for a response to your offer
No guarantee your offer will be accepted
Short Sales can yield some benefits
If you are a good candidate, short sale properties may be the choice for you. Some benefits are:
Home may be located where you want to live
Property disclosures are available in most cases
In better condition than most bank – owned properties
More importantly you may be able to get the home you want under market value.
Short Sales are not for the impatient or families that need a home right away, but if you are willing to wait you just may find the home of your dreams at an amazing price!!
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