Short Sales

By
Real Estate Agent BR530970000


Looking for a “short sale”? Be prepared!  There are many things to watch out for, and they are very different from traditional sales.  A short sale is when the seller owes more money to the lender, than the home is worth, and for various reasons, the lender is willing to take LESS than what is actually owed. Since the seller is not getting any monies, they will accept almost any offer. BEWARE of really low pricing! Sometimes the listing agent will continue to lower the asking price, because NOTHING happens until an offer is submitted. When the offered is accepted by the seller “subject to the Banks approval”, it first gets submitted to the Bank. Usually very little if any repairs will be paid for.  The Bank generally takes a long time to respond, sometimes over a year.  While the buyer is waiting if a “backup offer” is accepted by the seller, it also will be submitted to the Bank.  When the Bank makes a decision, it might be one of the backup offers.  I hope this “quick” overview helps!  Please call or write for more information!


Thanks,

STU  SAMOVITZ

HOMESMART PROS REAL ESTATE

877-609-2121


Comments (2)

Trisha Bush-LeFore
Preferred Properties Land & Homes - Walla Walla, WA
Providing Realtor Services in the Walla Walla Area

Stu,

The short sale process is an interesting one. You're right about the time frame, I currently have one that has been in process for 18 months and still not complete.

May 02, 2014 06:20 AM
Stu Samovitz

Trisha,

In Phoenix & Las Vegas there are commercials that say "If you sold your home in a short sale, and you're dissatisfied, call this Attorney. Hence, I won't represent a seller in a short sale.

May 02, 2014 06:37 AM