Short Sale Info
Short sales can be a great buy if done correctly! They can be very confusing to the buyer and agent who sometimes don't understand why the bank has not responded!
- A short sale is when the seller (who still owns the house) owes the bank more than the house is worth in the current market.
- The bank must agree to "short" the loan, which means they do not get the full amount owed to them.
- Sometimes the bank will drag it's feet in responing to offers, sometimes not.
- Buyers generally need to be a bit more patient with this type of sale.
- If you are in a hurry, this may not be the transaction for you!
- If the listing agent has done their work correctly, it can be smooth sailing!
"I love living here and it shows!"
