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Health & Fitness

What is a Short Sale?

Hello prospective buyers and sellers. I’m a local real estate agent who decided it’s time for a worthwhile blog about real estate. During my daily routine I come across many questions regarding the intricacies of the real estate biz. My hope in writing this blog is to unclutter and organize the sometimes confusing ins and outs of selling or buying a home.  So here we go…

Let’s start with one of the most frequently asked questions I get. “What the heck are these short-sales all about?”

A short sale is an option some homeowners use when the bank they have borrowed from provides them with the choice of selling their home to a third party at a price that is lower than what they actually still owe on the note of their loan. Short sales are often used by homeowners who are trying to avoid getting caught up in the messiness of a foreclosure.

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So what does this mean for you?

There are deals to be had. Most of the time, the lenders and banks who have accepted these short sale terms are eager to sell. Take advantage of this. Since there are so many homes that fall under this category recently, the trick is finding the right one for you and jumping on as soon as possible. But be aware that dealing with a third party bank can lengthen the typical closing time of 1-2 months to over a year in some extreme cases. If you have the patience to stick with it, the rewards could be great. Happy house hunting!

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Send me an email with any questions/concerns to maniespkw@gmail.com. Next time I’ll address the questions most asked.


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