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Frequently Asked Questions
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| What is a short sale and how long does it take to close on one? |
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Question:
I am interested in buying a house that is in "Short Sale" status and I
was curious as to the details of a Short Sale. The house is represented
by a real estate agent. How long does it take to close a "Short Sale"?
Answer:
A real estate short sale, by definition, typically "moves" pretty fast.
In most cases, a short sale takes place when the seller's lender has
agreed to let them sell the home for less than what they owe on the
mortgage. It is one of severals ways a homeowner can avoid
foreclosure, if they find themselves in a situation where they can no
longer pay their mortgage loan. The point of a short sale is to price
the home so that it sells quickly, usually by pricing it below true
market value. With all this being said, the typical short sale will not
stay on the market as long as a regularly priced home (since they are
usually a good deal). As far as I know, the closing process on a short
sale home is very similar to a regular closing process, except that the
homeowner might not be present.
I have heard from some people who said the short sale process was a
breeze, really quick and easy. I've heard from others who said it took
forever, for one reason or another. It's a case by case basis, and it
will also depend on the real estate laws in your state.
I've done some writing on the subject of real estate short sales and these articles may help as well:
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| Article ID: 10012 |
Article Created: 05-18-2008 08:45 AM | Last Modified: 05-18-2008 08:55 AM |
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