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Short sales, also known as pre-foreclosures, are a dominate property type on the real estate market. Unlike how they sound, a short sale can actually take several months to close, if they in fact close at all.
Numerous factors can determine the likelihood of a short sale making it to the closing table. Educating yourself on the overall process can save you time and money.
What is a Short
Seller can qualify to sell as a Short sale
Falling behind on payments isn't the only reason a lien holder may consider a short sale. If a borrower has become ill, loss their job, etc., they may take these matters into consideration to grant a short sale. Since each company's policies can vary, you should check with yours to determine their guidelines.
This is because the homeowner's mortgage company has received necessary documents from the homeowner, ordered appraisals and/or BPOs (Broker Price Opinions) and have approved a specific list price.
When a short sale listing has not been approved, the overall transaction can take 6 months to over a year to close. This is due to the fact that the bank for one, may not realize the homeowner is attempting to sell as a short sale or is barely in the initial stages of seeking permission to sell as a short sale.
A very important factor that can determine the timeframe of a short sale, is the listing and buyer agent's experience with distressed properties.
List Price - It is important to understand that the list price shown on a property, more than likely is not the approved or acceptable price for the property. While the home make look appealing and a steal for the price, keep in mind, if it looks to good to be true, it probably is. Far too often, a list price is reduced without the mortgage company's knowledge or permission in order to attract a buyer to submit an offer. This can lead to heartbreak, not to mention months of wasted time.
As-Is - Be prepared to accept the home as is. The mortgage company in most cases, will not make an repairs to the property. Then, since the homeowner is in a distressed situation, they may not be able to afford to make any repairs, even if they FHA required and you're using an FHA loan. You should budget to make the repairs yourself, especially the lender required repairs prior to closing on the home.
in Buying or Selling a Short Sale?
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