Why would the family still be living in a house that is a "short sale"?

Tired2002
Home Buyer
Kenosha County, WI

-I looked at a house that is a "short sale" and the family was still living in it, and it seems like they could care less if the house goes into foreclosure. When would the family actually leave the house and could you walk away from the house if they trash the place?

Answers (1)
Mark Niedziejko
Agent
Franklin, WI
FIRST ANSWER

A short sale is when the sale price is less then the mortgage owed. The home is not yet in foreclosure they are just trying to sell the home for less than what they owe. A short sale usually requires the lending institution's approval.

With the state of Wisconsin offer to purchase form they should be required to keep the home in the same condition as when you saw it and wrote the offer. Per this form you can do a final walk through 3 days prior to closing to ensure they are leaving it in that condition.

Thu Jun 25 2009, 11:02

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