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!
HOMESMART PROS REAL ESTATE