Charles Burt Realtors Blog

Making an offer on a short sale?

March 23rd, 2016 10:12 AM by

Tips for purchasing a short sale home:

  1. A short sale is different from a foreclosure
  2. Foreclosure is when the seller's lender has taken title of the home and is selling it directly
  3. During a short sale, the homeowner is trying to sell the home in order to avoid foreclosure
  4. The lender has to agree to allow the owner to attempt a short sale
  5. The lender will be taking a loss on the loan
  6. Even though the seller will sign on the accepted sales contract, it must still be approved by the lender.

Are you a patient buyer?  Often it takes anywhere from 2 to 4 months to complete a short sale!

Be sure you completely understand the short sale process before making an offer on the property

Posted by on March 23rd, 2016 10:12 AM

My Favorite Blogs:

Sites That Link to This Blog: