Short Sales are becoming more prevalent as lenders are giving Owners time to sell their home before foreclosure.
The Short Sale process is when the lender agrees to allow the owner to sell the property at less than the amount owed on the loan. This creates buying opportunities for those looking to purchase a single family residence or a condo. However, Buyers should be aware that the listing price of the home may not be the price that is acceptable to the lender. The list price on foreclosures is the price the lender wants and can be negotiated. Short Sales may take 90 days or longer before receiving a reply to an offer. Foreclosures tend to close escrow faster depending on the backlog of the lender.
An experienced Realtor is critical in helping you with either a Short Sale or Foreclosure.
Please call me for further information.