Yes, we are in the age of short sales. What does that mean for the average buyer? Well for starters, when a seller does a short sale they are asking their mortgage company to take less tham they owe and thus take a hit on the sale. Banks and mortage companies are wiling to look at taking these short sales since they don’t want to have to foreclose on these properties and cost them a lot more money. So that brings us to ask what’s the difference between a short sale and an approved short sale. Well a short sale can be in it’s begining stage. The home may have just beem put on the market and the short sale process has just begun. The seller may be gathering information to tell their bank of their hardship and gathering financial documents. In this time the short sale may not have had an offer submitted so the seller doesn’t know if the bank will accept the offer. It is in this time that you will have to have patience and wait on the bank to give you their answer of whether or not they will accept your offer.The approved short sale is just that. The bank has reviewed all of the seller’s financial documents, assessed the seller’s hardship and approved the sale for a set amount. That sale amount typically includes a net payoff amount due to the bank, the real estate commission acceptable amd a time period for the transaction. The approved short sale saves time and stress because the time saving for the deal!Potential Short Sale vs. Approved Short Sale
Yes, we are in the age of short sales. What does that mean for the average buyer? Well for starters, when a seller does a short sale they are asking their mortgage company to take less tham they owe and thus take a hit on the sale. Banks and mortage companies are wiling to look at taking these short sales since they don’t want to have to foreclose on these properties and cost them a lot more money. So that brings us to ask what’s the difference between a short sale and an approved short sale. Well a short sale can be in it’s begining stage. The home may have just beem put on the market and the short sale process has just begun. The seller may be gathering information to tell their bank of their hardship and gathering financial documents. In this time the short sale may not have had an offer submitted so the seller doesn’t know if the bank will accept the offer. It is in this time that you will have to have patience and wait on the bank to give you their answer of whether or not they will accept your offer.The approved short sale is just that. The bank has reviewed all of the seller’s financial documents, assessed the seller’s hardship and approved the sale for a set amount. That sale amount typically includes a net payoff amount due to the bank, the real estate commission acceptable amd a time period for the transaction. The approved short sale saves time and stress because the time saving for the deal!