Short Sale: A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for. Short sales are a way for homeowners to avoid foreclosure on their homes and still be able to pay off their loan by settling with lender.
How to buy a "Short Sale" House
Third Party Approval: The seller is not the decider in accepting the offer, they may be signing it, but because they owe more than the offer will payoff, the lender(s) involved need to approve of the sale since they will be paying the commissions and reducing what they will accept to release the liens.
Question: Who pays the real estate commission when I sell my home via a Short Sale?
Answer: Your Lender!
Sold "AS IS": The Buyer can still have a building inspection BUT if there are any problems founf the Seller will not correct them. BUILDING INSPECTIONS ARE RECOMMENDED ON ANY PROPERTY!!!
Hire an Agent with Short Sale Experience It's one strike against you if the listing agent has never handled a short sale, but it's even worse if your own agent has no experience in that arena. You need an experienced short sale agent. An agent with experience in short sales will help to expedite your transaction and protect your interests. You don't want to miss any important detail due to inexperience or find out your transaction is not going to close on time because no one has followed up in a timely manner. For more information on buying or selling a Short Sale please contact Matt Martel of RE/MAX Northern Edge Realty (603) 723-0521 or email matthewmartel@remax.net & ask4mattmartel.com




