A short sale is a lender managed sale in which you sell the property for less than what you owe on the mortgage, so you can’t make any money off a short sale. On the other hand, if you can sell the house for more than what you owe, it’s not a short sale and you keep the money you make after paying off the loan.
Short sales may take far longer to close than a typical sale. It’s not unusual for lenders to take weeks or months to respond to offers, for example. In addition, the home will be sold as is–the.
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Thinking of buyer a home that is a Short Sale? – Kirnan Real Estate – If you're eyeing a home that's a potential short sale, be prepared to be in the home buying market for the long haul. Short sales can be more time consuming.
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Short Sale FAQs: Understanding the Short Sale Process. – A short sale is the sale of a property for less than what the owner still owes on the mortgage. A short sale is an alternative to foreclosure when a homeowner needs to sell and can no longer afford to make their mortgage payments. The lender agrees to accept less than the amount owed to pay off a loan now rather than taking the property back by foreclosure and trying to sell it later.
A short sale is the sale of a home for less than the homeowner owes on the mortgage. A homeowner who is unable to keep up with the mortgage payments may try to sell a home in a short sale to avoid going into foreclosure .
Short Sale | Know Your Options – A short sale, also known as a pre-foreclosure sale, is when you sell your home for less than the balance remaining on your mortgage. If your mortgage company agrees to a short sale, you can sell your home and pay off all (or a portion of) your mortgage balance with the proceeds.
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Buying a Short Sale Property – Freddie Mac – Short sale buyers, with the help of an experienced real estate professional, may increase their chances of success if they: File all the required short sale paperwork in a timely and efficient manner. Assure the seller they will wait for short sale approval. Have a strong pre-approval letter. Put down a sizeable earnest money deposit.
How to Buy a Short Sale Property (with Pictures) – wikiHow – A short sale property is a home facing foreclosure, but the lender has not yet taken ownership of it. A short sale allows the homeowners to sell the property for less than they owe on the home loan rather than going into foreclosure, which is more damaging to a credit report.