What is a short sale?
There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale."
Short sales occur when property values drop or inflated appraisels were obtained, making the property worth less than the amount of its mortgage. This means when a seller enters into a purchase contract to sell for an amount that is less than the home's present mortgage balance, if the seller isn't bringing in the money to close, the lender must approve the short sale. That's because the lender is taking a loss.
When you spot a short sale house that interests you, take your hand off the mouse and step away from the computer. Before you get all excited over the prospect of buying that short sale house, pick up the phone and call your real estate agent. Your agent needs to research that short sale listing first.
Some short sales are priced ridiculously low. So low that the sellers' bank will never accept them. These types of listings receive multiple offers. But all is not lost. To get your offer accepted, it will need to be priced near market value. If you're not prepared to pay above a superficial price on a low ball short sale listing, then pass.
Moreover, some lenders, deserving or not, get a reputation for being difficult to work with. If your agent is an experienced short sale agent he or she will know who these lenders are and can advise you of the difficulty you may encounter.
Steven is well versed in this process. Please feel free to contact him directly with any questions or concerns that you may have. He can easily email you a current run of all short sale properties in the Westchase area for your review. Then can assist you in securing the home of your choice.
Call or email Steven today for additional information (352) 650-7106