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!!

Author: Sharon Rodgers
Phone: 480-420-6657
Dated: February 27th 2015
Views: 272
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