Ready to make a deal on a short sale?
If a seller is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender consents to release the mortgage for an amount less than what's owed.
Are short sales good deals?
The short answer is "sometimes". Most people hear the phrase "short sale" and routinely think of a seller that is in default and must sell their home fast to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the reduced price may in fact be closer to actual market values rather than below.
What's involved in buying a short sale?
When it is time to buy, whether it's a short sale or a typical home sale,
Issac W. Harper Real Estate Broker/Realtor© is here to help. Apply my experience and knowledge of real estate to feel confident that you are getting a fair deal and protect yourself during the complete purchase transaction.