Short Sales: What You Need To Know

According to Wikipedia, “a Short-Sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt". In The Cohn Team's recent experiences dealing with the buy and sell side on multiple transactions, Short-Sales are very difficult to purchase due to the fact that a buyer many times is competing with multiple offers. Also, these properties are sold AS-IS which can be potentially dangerous unless one takes necessary pre-cautions. If you're willing to be patient with the bank, understand your odds of getting your offer accepted and spend the time and money insuring that the property if risk free, Short-Sales may be the right fit for you. However, there are a lot of homes that are currently on the market that are priced just as low as Short-Sales and that are, in many instances, in a lot better condition than most Short-Sales.
Call, Text or Email The Cohn Team today to request a list of current Short-Sales!