I am sure by now a lot of people are starting to hear about short sales and wondering what they are. To keep things simple a short sale is when a homes market value is worth less then what is owed and the owner asks that the lender accepts less money for pay off of the loan. Sounds simple. But there are many stipulations involved.
One stipulation is the owner must be able to prove some form of hardship. An example might be a loss of a job, or the death of a supporting member of the household. These types of hardships will need to be approved and accepted by the bank. This is just one example. There are other requirements, but this is just to give you a quick over view of a short sale. A Realtor can help answer these questions for you.
An agent or a seller should never assume a short sale will just happen. There needs to be good communication between the home owner, lender and agent representing a short sale home. The buyer and seller will both have to be aware that the lender must approve the short sale. Many short sale homes are very workable and can benefit both a buyer and seller.
As a buyer, don t shy away from a short sale, this could be an opportunity to get a nice home and a nice price. Think of a short sale as a home just before foreclosure, with a little extra paper work and patients.
If you live in Roseville, CA to Auburn, CA and have any questions concerning a short-sale, feel free to contact me.
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