To find more information about buying a short sale or if you have any questions please Contact Me. If you are planning on buying or selling your home or property please visit my Buyers Page or Sellers Page and I will be happy to help you.
Buying a property in short sale can be a big hassle, so why consider it? Basically it all boils down to the bottom line - you will usually get the property for a (substantial) discount. Lenders may even be willing to offer favorable financing terms in order to move the process along and secure their original investment. Additionally, the owner in default typically plays an active role in the short sale process, which means you will have their cooperation (unlike a foreclosure). For help with the process please Contact Me.
When dealing with the short sale process, there are a few things you need to know beforehand:
Financial Hardship - A situation is causing the borrower to have trouble affording their mortgage.
Monthly Income Shortfall - Basically the borrower has more expenses than income, which will, or already is, preventing them from affording their mortgage.
Insolvency - The borrower does not have significant liquid assets to allow them to pay down their delinquent mortgage.
Whether you are a first-time home buyer or experienced investor, it is always wise to work with a REALTOR® when dealing with short sales. The right professional can move you through the process more efficiently, and guide you through the challenges that commonly accompany distressed sale transactions. When interviewing potential agents, be sure to inquire about their experience with short sales and find out if they hold any designations for buying and selling distressed properties.
An experienced REALTOR® will be extremely beneficial at this juncture in the buying process. Here are some key factors in a successful offer:
This information is meant as a guide. Although deemed reliable, information may not be accurate for your specific market or property type. Please consult a REALTOR® professional like me for more information on making a written offer.
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