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Kathy Phillips
"Realtor,e-PRO"
- 12 Helpful Answers
- 40 Answers
- 1 Listing
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Kathy Phillips answered:
Hello:
Your question is a good one as that specific language is very confusing. The listing agent is putting you on notice that even a sale at the current list price, that number will not cover all that is owed on the property for mortgages, taxes, liens and anything else that is attached to the home. Just a fancy way of saying it is a short sale. It may also be specific language that the third party lender(s) stated must be made part of the listing information.
Sometimes buyers are asked to pay additional monies by the third party to make the deal work. You probably have encountered that yourself in dealing with your own short sale transactions. Personally I don't feel that is proper on the side of the lender, but if the buyer is getting a fantastic deal, it might be worth it to them.
Please feel free to contact me anytime. I'd be happy to help.
Thank you,
Kathy Phillips, e-Pro, Realtor
Coldwell Banker Residential Real Estate http://www.CentralFloridaHomeSearch.com
407-461-5041 Cell
Your question is a good one as that specific language is very confusing. The listing agent is putting you on notice that even a sale at the current list price, that number will not cover all that is owed on the property for mortgages, taxes, liens and anything else that is attached to the home. Just a fancy way of saying it is a short sale. It may also be specific language that the third party lender(s) stated must be made part of the listing information.
Sometimes buyers are asked to pay additional monies by the third party to make the deal work. You probably have encountered that yourself in dealing with your own short sale transactions. Personally I don't feel that is proper on the side of the lender, but if the buyer is getting a fantastic deal, it might be worth it to them.
Please feel free to contact me anytime. I'd be happy to help.
Thank you,
Kathy Phillips, e-Pro, Realtor
Coldwell Banker Residential Real Estate http://www.CentralFloridaHomeSearch.com
407-461-5041 Cell
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