A short sale is a lender managed sale in which you sell the property for less than what you owe on the mortgage, so you can’t make any money off a short sale. On the other hand, if you can sell the house for more than what you owe, it’s not a short sale and you keep the money you make after paying off the loan.
Scott, Short sales are great, but do NOT expect to purchase at a bargain price – especially if two lenders are involved. Treat a short sale as you would a regular sale with understanding that there is that additional contingency on the seller’s side called lender approval – this is why offering a market price for the property is a wise decision if you like the home.
What Does a Short Sale Mean for Buyers? If you’re in the market for a new home, a short sale can provide a nice home for an even nicer price, if you can find one. Buying a short sale property involves a lengthy approval process from the bank or banks holding mortgages on the home.
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A short sale is a transaction in which the bank lets the delinquent homeowner sell the home for less than what’s owed. The borrower finds an agent and puts the house on the market, often at a substantial discount. The hope is that, if the home sells, the lender will recoup the majority of what the homeowner owes.
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A short sale is when a home owner sells his or her property for less than the amount owed on their mortgage. In other words, the seller is "short".
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A short sale is a home that is offered at a price that is less than the amount owed by its current owner. Here's what you need to know, as a buyer.
No matter what you've heard, the bottom line is this: Buying a short sale home is a complicated process. In fact, very few short sales are completed within 30.
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