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Could someone explain to me in simple terms what a short sale is??? I understand that the home is possibly going into forclosure. I have looked at several homes in the southern Utah area and was amazed how many say short sale. I keep being told that a home is hard to acquire in a short sale and I should wait till the home is in forclosure. I havent purchased a home for 3 years or so and I don't even remember hearing about short sales. Thanks.
A short sale is selling your property for a value lower than you owe, with an agreement from your bank that it won't come after you for the rest they are owed. They agree to settle your debt for less than is really there. You walk away from the house owing nothing.
So the seller sets a price and takes bids from there? Is a home in a short sale hard to acquire. How long does the seller have to complete the short sale? I guess I had more than one question.
The mortgage holder has to approve the sale. It's not up to the seller.
So the mortgage holder is in charge of it or has the final say? Do alot of these sell or does it end up being a forclosure through the bank? Sorry it just is confusing to me. I guess I am wondering if it is worth my time to bid on these short sales.
So the mortgage holder is in charge of it or has the final say? Do alot of these sell or does it end up being a forclosure through the bank? Sorry it just is confusing to me. I guess I am wondering if it is worth my time to bid on these short sales.
Yes, the mortgage holder gets to have the final say. I have heard, and others here have more experience with this, that it can take a very long time, but that it is getting easier nowadays to get the bank approval.
I would think there is always a mortgage holder, unless the seller owns it free and clear and then why would there be a short sale.
Exactly! The seller would not "owe" more than it's worth if there was no mortgage holder.
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