Purchasing a property?
Consider a short sale.
A short sale creates an opportunity for a buyer to purchase a home at or below market value. It also allows a seller to transition the home while avoiding foreclosure. A short sale is not a conventional transaction and there are some things to consider before you decide whether a short sale property is right for you.
Things to keep in mind with a Short Sale: Process: The homeowner (seller) must apply for a short sale with their lender(s) and other lien holders and the payoffs must be negotiated. The short sale lender will conduct its due diligence including appraising the property and reviewing there seller's financial situation. If the short sale lender is satisfied that a financial hardship exists for the seller and the sales price is at or near fair market value then the transaction is typically approved. Time Frame & Expectations: Short sale transactions typically take longer than traditional sales. Each short sale is unique and an average approval ranges from 60-90 days from the execution of the purchase and sale agreement. Although the transaction takes longer the tradeoff is that most purchasers are acquiring instant equity as they are purchasing below market value. Working With Professionals: If you are interested in buying or selling a short sale property make sure you are working with professionals who are experienced with the process. Real estate agents and mortgage originators in conjunction with and experienced negotiating law firm are the keys to your success. |