Short Sale Properties
A "Short Sale" is a sale that does not produce sufficient funds to cover the existing loan(s) and other encumbrances against the property, closing costs, commissions, and other financial requirements of closing. The seller's creditor(s) are those third parties who have an interest in the Property in the form of a deed of trust, some other security, or a lien (for example: a tax lien).
In a Short Sale, the seller will usually need to get the consent of seller's creditor(s) in order for the sale to close. This is because seller's creditor(s) may have to agree to accept less than the outstanding amount of seller's debt that is owed to the creditor(s).
Because a Short Sale requires the approval of seller's creditor(s), the sale is contingent upon seller's creditor(s) consenting to the sale and seller accepting any conditions imposed by seller's creditor(s).
Buying Short Sales can be a lengthy process, as the creditor(s) will ultimatley be making the selling decisions (and in this marketplace they have many properties to process). They can require the buyer to meet their requirements, and almost always take much longer to close than an ordinary transaction. Patience is definitely a virtue in these situations.
In short sales, It's imperative to know what you are buying (including hidden fees and costs) to make sure it's a good deal!
If You are interested in a list of current foreclosures
and short sale properties please let me know.
206-226-6925 or 425-772-8889
christin.leupold@att.net
A "Short Sale" is a sale that does not produce sufficient funds to cover the existing loan(s) and other encumbrances against the property, closing costs, commissions, and other financial requirements of closing. The seller's creditor(s) are those third parties who have an interest in the Property in the form of a deed of trust, some other security, or a lien (for example: a tax lien).
In a Short Sale, the seller will usually need to get the consent of seller's creditor(s) in order for the sale to close. This is because seller's creditor(s) may have to agree to accept less than the outstanding amount of seller's debt that is owed to the creditor(s).
Because a Short Sale requires the approval of seller's creditor(s), the sale is contingent upon seller's creditor(s) consenting to the sale and seller accepting any conditions imposed by seller's creditor(s).
Buying Short Sales can be a lengthy process, as the creditor(s) will ultimatley be making the selling decisions (and in this marketplace they have many properties to process). They can require the buyer to meet their requirements, and almost always take much longer to close than an ordinary transaction. Patience is definitely a virtue in these situations.
In short sales, It's imperative to know what you are buying (including hidden fees and costs) to make sure it's a good deal!
If You are interested in a list of current foreclosures
and short sale properties please let me know.
206-226-6925 or 425-772-8889
christin.leupold@att.net