Selling on a Short Sale
A short sale refers to the sale price of the home being less than the mortgage. Short sales are effective options for all parties involved in the transaction – the seller, buyer and the lender – if they are successful. A few things you need to know before you make the decision to sell your home on a short sale:
1. Time is the biggest factor involved in a short sale. The process can take anywhere from 90 days to 6 months or more.
2. There is no guarantee that the seller´s lender will accept a buyer´s offer. They may reject it, counter it at a higher price, ask the seller to sign a small note for $5,000 or $10,000 or ask the seller to contribute some of the closing costs.
3. The closing date is unpredictable. If you need to close on a certain day, a short sale is not the right transaction for you.
1. As a Certified Distressed Property Expert (CDPE), I specialize in working with homeowners who are facing or are in the process of foreclosure.
2. The property is not lost to foreclosure and your credit is saved.
3. You walk away owing nothing to the lender.
4. Realtor commission is paid by the lender.
1. Time element.
2. Buyers can get discouraged with the sale process and walk away.
3. There is no guarantee the lender will approve the short sale.
4. The property may go into foreclosure if you are behind on your payments.