Property Q&A in Sonora>Question Details

Yesenia, Home Buyer in Soulsbyville, CA

what bank owns this home?

Asked by Yesenia, Soulsbyville, CA Wed Jul 29, 2009

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This question is about this property: http://www.trulia.com/property/price/1044062609-20865-Heaven…

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Answers

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This property is being offered for sale as a "Short Sale". A Short Sale is when the owner is selling the property for a list price that is less than what they owe to their Lender. The "Short" is due to the fact that the Lender is asked to cooperate in the sale of the home by allowing a pay off of the existing loan that is less or short of what they are actually owed.
A buyer will submit an offer to the Seller. The Seller will accept the offer and then submit to the Lender for their approval. The Buyer attaches an Addendum to the purchase offer that states they know their offer is not fully Accepted until the Lender also agrees to the offer amount.
Thank you for your interest in this property. If you have any additional questions or comments, do not hesitate to contact me directly.
Web Reference: http://www.donsherburne.com
0 votes Thank Flag Link Wed Jul 29, 2009
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