WHAT IS A SHORT SALE AND HOW DO I BUY IT?
A Short Sale property is worth buying, don't pass it up, but do have Buyer's Representation. You can buy your 'dream house' even if it is a Short Sale!!
What buyers should know about Short Sales.
A Short Sale occurs when a homeowner owes more on their property than the property is actually worth, but they negotiate with the bank to accept less than what is owed as payment-in-full. The Buyer must wait patiently for the negotiation to occur.
Before buying a Short Sale a Buyer needs to know that:
1). He may be able to purchase a 'short sale' property at a price 5-10% below market value, but the Lender wants as close to Market Value as possible.
2). A Short Sale process usually takes longer than a normal transaction.
3). A Short Sale contract needs the approval of the homeowners lender, this is the 'third party approval' written about in many listings.
4). A Short Sale property is not a bank owned property.
5) A Short Sale property may go to complete foreclosure before the Buyer's transaction is complete.
Armed with these facts a Buyer can proceed with an offer to purchase. In order to have the opportunity of a SUCCESSFUL purchase a Buyer should be represented by a Real Estate Agent knowledgeable in Short Sales.
I am Margaret C. Taylor and I am certified with the SFR, Short Sale and Foreclosure Resource Certification, from the National Association of Realtors and CDRS, Certified Default Resolution Specialist Certification, from America's Home Rescue.
I am a Century 21 New Millennium Real Estate Agent, St Mary's County, MD
Serving: Lexington Park, Great Mills, California, Hollywood, Leonardtown, Mechanicsville, Charlotte Hall, Piney Point, Valley Lee, Callaway, also Calvert and Charles County.
CALL MARGARET C. I CAN HELP AND I CARE
Cell: 301 481 8407 E-mail: RealEstate@MargaretC.com Office: 301 862 2169ext5133
WHAT IS A SHORT SALE AND HOW DO I BUY IT?
Comments(1)