A short sale is when a homeowner sells their home a a price that is less than what the mortgage balance is with the approval of the seller's mortgage holder. Lenders agree to a short sale when the seller is able to demonstrate to their lender that, not only is their home's value less than the current balance of their mortgage, a financial hardship exists which does not allow the seller to continue making payments, nor cover the shortfall that would be generated by a normal market sale.
A short sale presents, to an informed and qualified purchaser, an opportunity to buy a home, condo or other property at a price less than the current value of the property. The amount of discount a purchaser of a short sale can expect to receive varies based upon the condition of the property, the lender involved as well as current market conditions.
A short sale, while having financial reward for the buyer if done right, is much different than a normal, typical home sale and should not be done without professional representation by a real estate agent or broker that has the experience and qualifications to protect the buyers interests in the transaction. The risks and issues associated with buying a short sale include:
Consult with a qualified, professional real estate agent with extensive short sale experience, such as the short-sale specialist agents with MORE, REALTORS®. At MORE, our brokers and agents have extensive appearance representing buyers in the successful purchase of a short sale and a track record of the transaction going smoothly.
We would love to have the opportunity to represent you as a buyers agent, at no cost to you, in your purchase of a short sale. Please call us at 314.332.1010, use our live chat in the bottom right corner to chat with us or click the button below to contact us.