Short Sale

Short SaleA short sale is where the banks agree to accept less than what is owed on a homeowners mortgage in order to prevent a foreclosure. Short sales should in no way be confused with “quick sale”. Negotiating a Short sale can be a long and arduous task, however it offers sellers a way out of their underwater loan and buyers a chance at a good deal on a nice house. Many buyers tend to shy away from short sales due to the length of time involved but for those with patience, they are a viable option for getting a good deal on a house as they typically sell for less than market value. Many sellers utilize attorneys for the negotiations, passing along the costs to the buyer but an experienced Realtor is more than capable of handling the details. Once the bank accepts your offer, the sale progresses much the same way as a traditional sale. Some buyers are tempted to submit very low offers; although the savings offered by a short sale versus a traditional sale can be significant, an exceptionally low offer is likely to be rejected outright. When making an offer on these properties it is important to be realistic. An offer closer to market value will be accepted much faster, shortening the approval process and getting you in your new home quicker. Competition for these listings is not nearly as fierce as it is for REO’s, making them an appealing option for many buyers.

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Short Sale

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