buying a short saleBuying a short sale – Are you a homebuyer looking to buy a short sale home at a great price in today’s real estate market? In a short sale, the current homeowner owes more to the bank than the home is currently worth, so he or she is underwater on their mortgage. For example, Joe Smith has a mortgage of $500,000 but his home is now only worth $300,000 in today’s housing market. So Joe can choose to Short Sale his house, and negotiate with the real estate specialist and his lender to allow the seller to sell his home for $300,000 and accept a “short payoff”, aka forgiveness, of the remaining $200,000. This allows the seller to walk away from his home without owing anything else to his bank, and also allows a buyer to get a rock bottom price in today’s market.
When you purchase a short sale, you, the buyer, have a lot of leverage. The bank who currently holds the mortgage on the home is afraid that the current home owner will just walk away, and let the property slide into a foreclosure, where it may take the bank an additional 6 months to evict any occupants, all while not receiving any payments. Further, if the home is foreclosed on, the bank also runs the risk of additional vandalism, break-ins, and additional legal expenses.
Conversely, in a short sale, the homeowner is usually only a couple of months late on payments, and sometimes not late at all, and the bank has the opportunity to sell it before they incur all of these additional burdens that come with a foreclosure. In the last 3 years, banks have really stepped up their efforts to move to short sales. It’s a win win situation compared to the alternative. There are many benefits to buying a short sale.
Choose your Real Estate Specialist wisely!
Since a short sale home transaction is so different than other traditional sales, it’s important that you work with a Short Sale specialist in your local market area. That’s where we come in. Our national database of short sale professionals is Free for you to use. Simply visit us at www.ezshortsales.com and run a search for your city, and you’ll quickly see all of the closest short sale specialists. You can compare each specialist ‘s experience, services, website, and contact them directly anytime as well. In addition, you can always contact Short Sale Specialist and we can connect you with someone qualified that we recommend.