Short Sale Information
What is a short sale?
More and more homes coming on to the market in Placer and Sacramento Counties are short sales, but what does this mean? A short sale is when a homeowner is trying to sell their home for less than what they currently owe on their mortgage. The homeowner has a hardship and they might find themselves unable to continue making payments on their property.
Home buyers interested in buying a short sale should understand that just because a home is listed as a short sale doesn't mean the lender will accept your offer. With short sales, the sellers lender has the ultimate say over the entire transaction. They give the approval on whether they will accept a lower payoff or not. If the short sale is not approved be prepared to wait weeks or even several months for a response to your offer. This type of transaction requires time, energy and lots of PATIENCE.
If you are interested in purchasing a short sale or if you think you may be in a short sale situation contact me for additional information.
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