A short sale is when the owner owes more on the property than it's worth. In the case of short sales, the owner will get no money from the sale of the property. What does that mean to a buyer - the seller wants to sell the home rather than have it go into foreclosure. It's a great opportunity to get a home at a reduced price. Don't be afraid to make an offer on a short sale because you can't offend the homeowner, they just want to sell the property before they lose it. Also, on a short sale, if you are in a rush to purchase, this is not the type of sale you want to buy. It could take some time before the offer is approved. If you are a homeowner who can't afford your mortgage, is upside down (you owe more than the home is worth), DO NOT WALK AWAY! The short sale is the best option. If you walk away, lenders can come after you, with a short sale, your debt is satisfied. Also, don't be concerned about the condition of the home. I have experience in getting short sales sold. Give me a call at (302) 540-5373 if you want to discuss your home. |
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