A short sale is a home being marketed for less than the current homeowner owes on the mortgage. The owner must be in a hardship scenario, able to prove it and we try to get the bank to settle for less than the amount owed.
Here in lake Havasu City we have 34 short sales active on the market (9/4/2012) with 65 under contract. The longest one in this “pending sale” status has been under contract since 12/1/11. That is worst case scenario.
You are a candidate for a short sale only if:
- You can wait patiently.
- You understand that the bank has not set this listing price so it may not be the price the bank will accept.
- You must be okay with possibly months going by without any information.
4. Know that the bank does not always say yes to the hardship or the offer.
That all said you can get a good deal if you can wait it out. The biggest risk you have in todays Real Estate market is that prices are going up in most areas so don't let the market pass you by if you are not in love with the home you are waiting for.
Talk to your local Lake Havasu Team today to see if this is right for you!
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