Short Sale Buyers
A short sale is when a lender allows a property to be sold for less than is owed for a debt, usually as a way to avoid foreclosure. Banks have much more to lose from a foreclosure than a short sale, making this the better option for both the lender and seller, as well as lowering the price for potential buyers. This process often takes longer than a conventional purchase, as there are many complications that may arise due to second mortgages, liens, and government interference.
Short Sale Sellers
The option for short selling isn’t available to everyone, and requirements vary between banks and lenders. Generally, the option to short sale is available to those who have faced recent hardship (such as death, divorce, bankruptcy, medical emergencies, or unemployment), have no assets, a mortgage in Default or near Default Status, or a home for which the market value has dropped below what they owe for it. Consult your agent and lender to find the requirements and steps for your situation.
Charlene and I would like to thank you for all of the hard work that went into selling our home. We think the price you negotiated for us was fair and actually ahead of its time in Corte Bella. Your tenacity and willing to go the extra mile for us paid off and we will always be grateful for your service.
Hopefully we can keep our friendship alive and we would love to hear form regarding the progress in our lovely Arizona community.