A "Short Sale" is when the sellers lender is willing to accept "short" of what is owed to avoid foreclosing on the property. They are a great opportunity for people who are having difficulties (or will be having difficulties) making their mortgage payment due to a hardship. They are also a great opportunity for homebuyers or investors who want to purchase property (usually) below market value. Sound like a great deal? It is, but usually doesn't come without some additional difficulties. First of all, some short sales are not "pre-approved" by the lender, so the asking price is not set by the lender (who is the one making the decision) but rather by the seller and/or their agent. That means that even a "full price offer" could be denied, wasting precious time for the seller and possibly lost opportunity for the buyer. The approval process can be a lengthy one, depending on the bank who owns it, so don't expect an overnight response... or even close to it.
However, despite the difficulties, many times they prove to be a win-win for everyone involved... and, like any other real estate transaction, your Realtor(R) can advise you on whether a Short Sale may be a great opportunity for you to explore.
Cassie Purcell, SFR
REALTOR(R)
Keller Williams Realty
MS Gulf Coast
The thought here is to pitch your property to different purchasers. You are seeing this a great deal in resort towns. Stonington CT Real Estate
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