Understanding Short Sales

Published on December 4th, 2011 // Filed under: Buyer Tips

iStock_000000617410XSmallUnderstanding short sales, from a buyer’s perspective, and a seller’s perspective, can be very complicated, yet very similar.

The most important thing to consider initially is, the “bank”, more often than not, hasn’t approved the agreed upon price yet.

Unlike a bank owned REO, or foreclosure, that is ready to be sold at the advertised price, a short sale has been listed in a way that typically entices a buyer to submit an offer, and then the bank is contacted, and the negotiations begin.

There are many complicated issues to cover, many of which aren’t as easy as this blog can address, however, things to be aware of are:

  • Is the loan backed by Fannie Mae or Freddie Mac?
  • How far behind is the seller on their payments?
  • Is there one loan, two, or more, attached to the property?

I am certified as both a CDPE and HAFA REALTORĀ®, with an extensive background in successfully negotiating short sale pay offs in Valencia, Santa Clarita, and surrounding areas.

If you would like more in depth information regarding the process of obtaining homes through a short pay off, or selling your existing home, and the benefits to a short sale verses a foreclosure, please feel free to contact me to give you a free consultation.

With your best interest at heart,

Dana

(661)284-7734

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