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Buyers and Short Sales
A short sale is when the house’s value is less than the mortgages owed on it. In addition, due to a change in the homeowners’ circumstances, they are no longer able to maintain the mortgage payments on the home. Rather than having the house go in foreclosure, the homeowner tries to sell the house and asks the bank to take a “short sale” which means the bank or mortgage company is accepting less than what is owed on the house rather than foreclosing on the house. If the short sale is successful generally all the closing costs for the seller are included in the short sale and the seller is than free of any financial obligation of the home and a short sale is less damaging to the seller’s credit than a foreclosure. It is generally in the bank’s best interest to accept a short sale rather than going through the lengthy and expensive foreclosure process. However, banks have a very specific process that is required before they agree to a short sale, so for those either wanting to do a short sale or buy a home that is in short sale it is best to have an experienced realtor helping them. The process may take more than 2 months for the bank to approve a sale. The benefit for a buyer is being able to purchase a new home generally for less than the current market prices. However, there are a few down sides; the buyer generally has to buy the house in an “as is” condition. The buyer may also need to be prepared to wait for several months for bank approval of the contract. The buyer will also need to agree to special addendums that vary by bank/mortgage company. It is also possible, the house has no utilities and the buyer will need to turn them on for inspections. The banks generally require a pre-qualification letter with submission of the offer, if the buyer is pre-approved that is even better. If you are interested in doing a short sale, you really need a realtor that is extensively experienced in pre-foreclosures and the sale of them. |
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This intel was contributed by pammabe
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May, 2012
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