Even with the rebounding market short sales remain a situation which presents challenges to both buyers and sellers. This type of transaction is where the lender(s) agree to accept less than what is owed on the property at the time of sale. There are many factors which affect the short sale and no two situations are alike. Legal & taxation issues are out of the realm of what real estate professionals can give advice on and it is strongly recommended that a seller seek professional advice regarding these issues. Unlike the fast paced world of purchasing a bank owned property, short sales require both sellers and buyers to be organized, patient and manage expectations throughout the process. These can be emotional transactions for all parties involved.
Buying a Short Sale?
Much of the information I discuss above is also valuable for those considering purchasing a short sale. Each and every transaction is different and you will want to work with a Broker who has both the patience and tenacity to get the job done and get you into your new home.
Additional Information If Your Mortgage Is With:
Bank of America Chase CitiMortgage Wells Fargo
Short Sale Resources from Old Republic Title Company
I will be happy to assist you with the development of a game plan to get the short sale process started as well as the marketing strategy for your home. I do not endorse any of the companies or associations above and am simply offering additional information to those who seek information and help related to a short sale.
Important Notice: J Douglas Anderson, Broker Associate with Tucker Associates Real Estate Services is not associated with the government and my services are not approved by the government or your lender. If you stop paying your mortgage you could lose your home and damage your credit rating.