What is a Short Sale?

	When a homeowner can't continue to make their payment and the property is worth less than what is owed, the lender will consider selling the home for market value or less.  For Short Sale to happen, the lender must agree to release the mortgage for an amount less than what's owed.

Are Short Sales a bargain?

It depends if there is a mortgage insurance policy involved or not.  If so, lenders hold out for market value because the insurance will cover any loss.  If not, lenders are more willing to negotiate especially over time because they are losing money.

How do I buy a Short Sale?

• Prior to making any purchase offers, do your homework. As your Agent, we will do the research help you make informed decisions. We can help find out to whom the property is titled, the balance still owed and whether or not a foreclosure notice has been filed.
• Because of our Short Sale experience, we can expedite the transaction and ensure that you're protected.
• Be ware even under the best of situations, buying a Short Sale will take longer than a typical real estate transaction. Though the majority of Short Sales take up to 4 months to close, lenders are improving the process daily. Remember the lender must agree to the terms and the seller cannot receive any money at closing.
• Home warranties, buyer credits and allowances including closing costs are typically not negotiable when dealing with a short sale. Also, the property is sold "as is" which means the lender isn't going to pay for repairs.