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Cinnamon Boffa's Blog

By Cinnamon Boffa | Agent in 19020

What is a Short Sale


What is a short sale?

The current owner of the property owes more to the mortgage company then the current value.

Is every home a good candidate for a short sale?

No.

Here are the questions that need to be answered weather you are the seller or the buyer.

  1. How many mortgages are owed on the property?
  2. Are there any taxes owed?
  3. Any condo fees owed?
  4. Any IRS liens owed?
  5. Any judgments owed?
  6. Any back water, sewer (municipal liens)?
  7. Is there a hard ship?

Most banks require a Realtor to have the listing on the property and to negotiate the short sale.  You want a Realtor who has taken the classes and have done short sales.

If a property has 2 or 3 mortgages on the property by different lenders it is definitely harder to do a short sale, but the guidelines are changing daily, so you always need to contact the lenders to see what the guidelines are.

If you have questions if your home qualifies for a short sale contact me I would be happy to help you through the process.

For the buyer if you have time and patience’s you have an opportunity to buy a home at a good price. 

Cinnamon Boffa
Realtor
www.homesbuycinnamon.com
www.blog.homesbuycinnamon.com

 

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