Milton NH short sales are not like the normal home sale process. Before considering or buying a short sale in Milton NH, it is vital that you understand what they are and what the process involves. The following is some general advice on buying Milton NH short sale real estate listings.
Short Sale Defined
A short sale refers to real estate listings where the funds from the sale will not cover what the property owner would need to cover expenses, and the Milton NH owner has no financial resources to cover the shortage. This can include the mortgage(s) on the home, broker commissions, bank fees, and other related fees. The lender on the Milton NH property would be “shorted” what is due/owed to them, which is where the term “short” sale comes from. Real Estate Listings offered as short sales do not guarantee that they can actually be sold. The lenders currently maintaining the liens on the property must all agree to the short sale in order for it to go through. This is where it can get complicated. Sellers must submit their financial and personal information, explanation of hardship, and an offer from a home buyer to get approval from the mortgage companies, and if there are multiple, all of them must approve.
Advantages of Short Sales
There are many short sales on the market in Milton NH due to the down economy, providing home buyers with many options. Also, short sales are often an opportunity for buyers to get a great deal on real estate listings. However, short sales do not accommodate the needs of all Milton NH buyers.
Disadvantages of Short Sales
Short Sale Time Frames
Milton NH prospective buyers must move forward with an offer without any guarantee as to whether it will actually be approved. It can also take a lengthy amount of time to receive updates on the approval status (easily several months or even up to a year). Buyers needing to close within specific time frames should not consider short sales.
Condition of Short Sales
Short sale real estate listings can often require significant repair and are sold without any concessions for problems since the owner has little money and the lienholders are already being shorted. Buyers of Milton NH short sales should be prepared to complete repairs on their own.
Buying Milton NH Short Sale Real Estate Listings
Short sale real estate listings are not for all buyers, and prospective buyers should be aware of the benefits and risks before considering or making an offer on a short sale. For home buyers with flexible timelines and the ability to make repairs on their own, it can be a great opportunity to get a reduced price on a home. Consult with your buyer agent for additional advice on buying Milton NH short sale real estate listings in your state.
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