Sellers

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Q. What is a short sale?

A. A short sale is when a home is sold for less than the balances of the mortgage(s)

Q. Why would I want to buy a short sale?

A. Because of some differences, listed below, short sales are not for everyone. As a result, there may be less competition for a short sale home and this in turn may lower the market price.

Q. What are some of the differences between a short sale and a standard sale?

A. 1. Short sales can take significantly longer, though the time to complete them has been decreasing recently.

2. Short sales have the added complication of the lender being involved and as a result some short sales do not succeed.

3. As a buyer, you need to have more flexibility in your closing date.

4. If there is more than one mortgage on the property it can further complicate and delay the approval and sale.

5. There may be back payments owing on HOA dues, property taxes or other items.

Q. What are some of the advantages of a short sale over a bank owned property?

A. 1. Many short sale properties are kept in better condition by their owners.

2. Since the owner is still present, more information can be learned about the history of the property.

3. The transaction itself from the buyer’s standpoint is more like a standard sale; bank- owned properties involve bank-specific contract or addenda, they often have shorter inspection contingency removal periods and other transaction requirements not typically found in standard and short sales.

Key Points for Buyers

1. Work with an experienced short sale agent.

2. Keep in close communication with your agent.

3. Be flexible.

4. If it’s your dream house, it’s worth the wait!

Bank Owned (Foreclosed/REO) Properties