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Buying a Short Sale
What is a Short Sale? A Short Sale is when a seller must sell for less than is owed. What does that mean to a buyer? It means that the terms of the purchase must be approved by the bank that holds the mortgage or the lender on the home. Bottom line, it means that short sales take time.
How much time?
Each Bank, Investor and financial institution are different. The average time to close is 75 to 150 days. All of that depends on the lender you are dealing with. However, there are times when an acceptable price has already been negotiated. Then a 45 to 60 day close is not out of the question.
What is a good offer on a Short Sale?
As with most things there are guidlines in place to determine what the lenders will accept. The rule of thumb of no less 85% of the Current Market Value is an accceptable offer. There can be exceptions, which can change the amount of time required to close or even the price.
To be sure your short sale purchase goes smoothly always work with a professional who is familiar with the short sale process!
Interested in Buying A Short Sale? Ask us how. It's what we do!
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