Short Sales
SHORT SALES
A short sale is when the seller owes more to the mortgage company than the value of the home is worth.
The lender has to approve that they are will to take less than what is owed on the mortgage.
When you see a listing that is a Short Sale listed, the seller is looking for multiple offers, to get the price up.
Most of the time they are looking for higher offers than what it is listed for.
The negotiators then look at all the offers and weed them out.
It goes to the bank then and they come up with a price that they would be willing to take, and the Realtor then goes back to their buyers to see if they would accpet what the bank offers.
The bank will make NO repairs and usually the sale is "AS IS".
This process can take anywhere from three (3) to six (6) months.
If you are looking for a time frame a short sale may not be the way for you to go.
Foreclosures seem to be better, because the bank already owns the property and you will be working with the bank directly.
If you have time and don't have to move right away, then a Short Sale could be for you.
