I have seen homes I am interested in that are listed as "short sales". What does this mean and how would it affect my purchase of the home?
In the simplest terms a short sale is a home that is worth less than what is currently owed to the bank. The seller must get a lenders approval to put the house on the market at the reduced price. This can mean a good deal for buyers.
Making an offer on a short sale is the same as making an offer on any home. The difference is the waiting time for an offers approval. Before making an offer you need to find out what the seller owes, how many loans they have and verify that the bank has approved the short sale. The lender will need to verify you are qualified for your loan. The seller's leader may takes months to approve the sale.
f you are considering purchasing a short sale home or would like assistance getting approval for a short sale on your home, give us a call. We are here to help.