WHAT IS A SHORT SALE? Minimize
A short sale is a sale where the price paid is less than the amount owed to a lender or mortgagee. Many homeowners who purchased or refinanced during the boom and now need to sell, are finding that they cannot sell for as much as they owe their lender[s].  So they need the lenders’ approval to accept less before they can sell. However, most lenders won’t consider approving a short sale until: 
  1. the homeowner(s) has a valid buyer with a purchase & sales agreement   AND
  2. the homeowner(s) has shown an inability to make mortgage payments by being in arrears.  
  
WHAT YOU NEED TO KNOW:
Two things the parties have to understand:
  1.  In order to get a buyer to make an offer, homeowners are typically offering their homes at very low, attractive prices, but a buyer has to understand that making an agreement with the seller to purchase is not a guarantee that the bank will approve the sale. The lender will typically want to have appraisals done and may only approve a short sale for a higher amount.
  2. Once the homeowner-seller stops making payments, a foreclosure process may start at the same time that a possible short sale is being considered by the same lender in different departments. Timing and process may determine whether the short sale procedure or the foreclosure procedure closes.
BE AWARE...

Bottom line is short sales are not for the faint of heart or anyone trying to coordinate a relocation or sell/buy process in which they need to control the timing…all parties are at the mercy of the lender. They can be profitable, but you must be the right buyer. As your buyer’s agent we will help you decide whether a short sale might be right for you.

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We are committed to serving the interests of real estate buyers - exclusively.

Our mission is to offer comprehensive data and professional advice to buyer clients in order to educate and inform them in the real estate purchase of their choice.

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33 Deer Street, Suite 4A
Portsmouth, NH 03801

603/436-6636
800/654-9935
info @ HallMcGee.com

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