What’s a Short Sale?
If you’re buying a short sale, there’s a good chance you’re doing so because you know that you’ll be able to get a good deal – but is that always the case?
What’s a Short Sale?
A short sale is a home purchase transaction that involves the seller’s lender accepting a discounted payoff. Sometimes lenders are willing to do this because the seller can no longer pay his or her mortgage payments, which means the lender is looking at a loss either way – it’s just that the short sale will result in a smaller loss.
Does a Lender Have to Accept Your Offer?
The lender owns the property, and it’s under no obligation to accept your offer, even if the seller accepts it. It’s not a good idea to low-ball the seller when you’re trying to buy a short sale, either; remember, the lender still has to approve it, and it’s already looking at a loss.
Should You Buy a Short Sale?
If you choose to buy a short sale, it’s a good idea to work with a Tampa Bay Realtor® who’s experienced in these types of transactions. Your agent can find out all the details and help you determine how much to offer if you decide to make a purchase.
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