The Process for Buying a Short Sale Home

Purchasing a short sale is very different from buying a regular traditional sale. The main reason is because in a short sale, the market value of the home is less than what is owed to the seller’s lender. During a short sale transaction, the brokers negotiate with the lender to accept a “short” payoff on the loan, and in most cases, forgive the debt altogether. Buyers should be aware that completing a short sale purchase (closing escrow) can take anywhere from 1 month to 6 months or more, depending on the holders of the liens. For example, if the seller only has one mortgage, it is much easier than if he has two mortgages, since each loan has to be negotiated down separately. That’s why working with an experienced Short Sale expert agent is so important.

Short sales require some extra skills from the real estate agents handling them. Every bank has their own procedures, with different documentation they require. Working with an experienced agent is a sure way to increase your chances for success. A qualified short sale agent has experience negotiating with bank managers on your behalf, and can make your case stronger, helping you secure the best possible price.

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