A short sale means a home sale that falls short of the amount owed on the mortgage. Short sales happen when the seller can't come up with the cash to pay off the difference and the lender agrees to accept less than what is owed on the mortgage. Most important, though, is that they can happen only when the lender agrees to accept the shrunken payoff.
Desperate sellers pursue them to avoid a foreclosure, buyers pursue them in hope of snagging a home at a significantly reduced price.
It is important that you work with a Realtor who is a Certified Distressed Property Expert because you could end up wasting your time. Short sales are tricky and it is important to gather some intelligence about the sellers, their financial situation and the Realtor they've hired. Sometimes a short sale may never get the lender's approval, thus it is important to only focus on those that have the lender's approval.
Lenders aren't in the business of accepting less than they are owed. Their approval of a short sale is always slow in coming - if it ever comes at all. It is important to learn whether or not the bank knows the seller is trying to sell their home as a short sale.
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