Myersphilippe, Home Buyer in Suffolk County, NY

What exactly is a "SHORT SALE"?

Asked by Myersphilippe, Suffolk County, NY Tue Oct 18, 2011

What exactly is a "SHORT SALE"? I have been told not to try to purchase a house that is a "SHORT SALE". Yet, all homes in the Brentwood, NY area are short sales and I am very interest in a couple of properties listed in that area.

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A short sale occurs when an owner has proven hardship to the lender and can sell for less than what is owed on the mortgage; the owner can accept whatever offer he/she wishes, but the lender decides to accept, reject, or counteroffer; short sales are by no means fast sales, and much will depend on the number of liens invoved, who is negotiating the sale, etc.; therefore much patience is needed....
1 vote Thank Flag Link Wed Oct 19, 2011
If the homes you are interested in is a short sale you should go for it. After all, how often do you buy a home? Especially one that you love. Don't let naysayers turn you off. Just know that it is going to take more time and be patient. And definately make sure that your Realtor has the education and references.

Good Luck
1 vote Thank Flag Link Tue Oct 18, 2011
A short Sale is where the buyer owes more then the home is worth. I would only buy a short sale that was approved by the bank to sell short. It must appraise with in reason. I have seen them go about 15% less market value most of the time. I would only use an agent that has successfully done them before. The best ones are those that the bank approved a price on. So they are great deals as long as you know what to look for.
Good Luck
0 votes Thank Flag Link Tue Oct 18, 2011
A short sell is when the borrower is asking the bank to take less than what the seller owes on the mortgage. Short sales can be trying, but if you have an agent and if the seller has an agent that is experienced in short sales, this can help speed up the process greatly.
0 votes Thank Flag Link Tue Oct 18, 2011
A short sale is a home where the selling price will fall short of what is owed to the bank. In other words if someone has a mortgage on a house for 350,000 and it is only worth 320,000 now , then the seller asks the bank to agree to a short sale, possibly letting them off the hook for the balance. Short sales inevetably are not short there is alot of paperwork involved and it usually a lengthy process, sometimes taking 6-9 months.
0 votes Thank Flag Link Tue Oct 18, 2011
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