Topic #4 of our 10 Point Home Buying Series: Make Time for a Short Sale
It always happens. You find a beautiful home in the neighborhood you want, and it’s a short sale. What’s a short sale, you ask? It is a the sale of a home where the seller owes more on the mortgage than the home is worth. Therefore, the proceeds to pay off the mortgage is “short” and the sale requires approval from the mortgage holder (bank) to proceed.
I have sold many short sales by representing both buyers and sellers, and there are some key things you should know before making an offer on a short sale.
- It’s not a “short” process – plan to wait 90 days for approval from the bank. This can be a REALLY long 90 days if you are not prepared for it. As a buyer, you will get occasional updates…
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