What You Really Need to Know About Short Sales
Posted under: Home Buying in Naples
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September 27, 2009 4:40 PM |
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1 comment
I'm compelled to relay this story to buyers who have heard too many rumors and don't know the facts. Not all short sales are the same.
A buyer from Trulia.com found my listing but also viewed other properties with another REALTOR who shyed him away saying it would take 8-9 months to approve and close.
This buyer loved this house and contacted me. I gave him the facts as presented to me by the lender.
An offer was placed by this buyer, which was approved in less than 45 days. He now owns this beautiful home.
Moral: Listen to a professional, not heresay or inexperienced people.
The time frame can range up to 6 months depending upon the lender.
A short sale is a normal contract between buyer and seller with the contingency that the lender accepts an offering price comparable to the market price, which may be less than what the seller owes on the mortgage. The seller has to file a "package " with financial info to indicate to the lender that they cannot continue to pay on the mortgage.
The lender evaluates that info in conjunction with an appraisal and the buyer's offer.
Con: You may have to wait.
Pro: You end up with a great deal.
The Naples market is recovering and my properties of all types are selling off the shelf.
Now's the time to buy or sell!
A buyer from Trulia.com found my listing but also viewed other properties with another REALTOR who shyed him away saying it would take 8-9 months to approve and close.
This buyer loved this house and contacted me. I gave him the facts as presented to me by the lender.
An offer was placed by this buyer, which was approved in less than 45 days. He now owns this beautiful home.
Moral: Listen to a professional, not heresay or inexperienced people.
The time frame can range up to 6 months depending upon the lender.
A short sale is a normal contract between buyer and seller with the contingency that the lender accepts an offering price comparable to the market price, which may be less than what the seller owes on the mortgage. The seller has to file a "package " with financial info to indicate to the lender that they cannot continue to pay on the mortgage.
The lender evaluates that info in conjunction with an appraisal and the buyer's offer.
Con: You may have to wait.
Pro: You end up with a great deal.
The Naples market is recovering and my properties of all types are selling off the shelf.
Now's the time to buy or sell!
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Cynthia Ann Corogin
Realtor
Amerivest Realty South LLC
Short Sale and Foreclosure Specialist