In real estate, a short sale can be a way to snag a great home at a more affordable price – but it can have its pitfalls, too.
So what is a short sale, and how do you find one that ends up being a great deal?
What is a Short Sale?
A short sale doesn’t have anything to do with time. Instead, “short” refers to shorting the bank what it’s owed.
A short sale means buying or selling a house for less than the balance owed on the mortgage. If a seller wants to get rid of a house quickly – perhaps because he or she is in danger of foreclosure – they’ll have to ask their lender if it’s okay to sell it for less than what they owe the lender. Sometimes the lender agrees – and when the lender approves this type of transaction, the seller can list the home at the price he or she agreed upon with the lender.
Short sales can be really complicated, though, and they often take longer to close than traditional real estate deals do.
How to Find Short Sales
First things first: Work with a Marco Island Realtor® who understands how short sales work and what’s required from you to make a purchase.
Find Short Sale Listings
Short sales aren’t always listed that way. You may see them as “pre-foreclosure” or “subject to bank approval” listings. Your agent will know what to look for to find you these types of homes.
Once you find one you like, make an offer. (Your agent will guide you through the process.) You’ll have to come up with earnest money and wait for the lender to approve the sale.
Are You Buying a Home on Marco Island?
If you’re thinking about buying a home on Marco Island, we’d love to help you find one that’s just right for your needs.
Call us at 239-821-7926 or get in touch with us online to let us know what you’re looking for. We’ll start searching right away. In the meantime, please explore our:
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