Top Secrets of a Short Sale – Falls Church, VA Short Sales
Falls Church, VA short sale specialist with Keller Williams Realty shares about top secrets of a short sale and what sellers and buyers need to know. Selling a home for less than the amount the current owner owes the mortgage company is called a short sale. Buying a home that is a short sale is different from buying a property that is actually owned by the lender, known as a property that is in foreclosure. One major difference between a home listed as a short sale and one that is either not in distress or one that has already been through the foreclosure process is that the price placed on the home, while it may be very acceptable in the market, may not be the amount the lender is willing to accept to pay off the seller’s debt to them.
Short sale dealings can take more time than a regular home purchase because they contain negotiations among the current owner, lender, and buyer. For that reason, the first two ways in dealing with a short sale are to strictly evaluate whether or not you are a good candidate to buy or sell and to find a real estate specialist with experience and knowledge in short sale transactions.