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Wednesday, September 4, 2013

What you Need to Know about SHORT SALES in Real Estate

What is a Short Sale in real estate? 

A short sale simply means the listing and sale price of the home is less than what the current owner owes in liens against the house.

Here are key things you need to know about Short Sale Homes:

  • Short sales require time and patience. Lots of patience.
  • If you are in a situation where time is of the essence (renting and lease is coming due, own home is on the market and might sell) I would discourage you from looking at short sales. 
  • If you are hoping to have the seller help you pay your closing cost, that usually won't/can't happen with a short sale.
  • Short sale homes often have deferred maintenance, which you will have to pay for, because the owners have no money. 
  • The worst part about short sales is you have to have permission from both the homeowner and the bank to have a deal done.

Learn the Real Estate Lingo
The "Hidden Costs" of Purchasing Bank-Owned Properties
Foreclosure Headaches

Want to chat more about the benefits and drawbacks of Short Sales? Call Sarah!

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