During a short sale, the sellerâ€™s lender(s) accepts a discounted payoff to release the existing mortgage, i.e. the home sales for less then what is owed. In a short sale the lender has the right of refusal on any offer, even if the seller accepts.
These attempts at selling are typically difficult to complete and often overlooked by buyers. The uncertainity and length of time for most buyers does not fit there needs. Consider it a half court shot with the clock expiring.
Are you referring to a short sale? If so, a short sale is a situation where the owner of the home is selling the home for less than the current loan amount. As you've probably seen, there have been a proliferation of these type of sales occuring. There are a number of particulars related to short sales. The process requires a lot of patience both from the seller's end and the buyer's end as the lenders are innundated with these sales and the tremendous amount of paperwork they entail.
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