The Long And Short Of Short Sales

The Long And Short Of Short Sales

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:

  • Motivated Sellers

  • 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!!

Sharon Rodgers Headshot
Phone: 480-420-6657
Dated: February 27th 2015
Views: 272
About Sharon: ...

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