A short sale occurs when a homeowner attempts to avoid foreclosure by selling their house for less than they currently owe on a mortgage. Homeowners are usually very motivated to sell in order to maintain their credit, so this can be a great way to purchase a house at a lower price. However, it is important to remember that the bank has the final say in all matters regarding a short sale. As they will be taking a loss, they must approve every step of the sale. This comes with some problems that potential buyers need to be aware of.
Dealing With the Bank
Homeowners going through a short sale are already asking the bank to take a loss. As such, the bank may be reluctant to accept an offer. Potential buyers should be aware that the bank frequently does not have a say in the original list price. The agent will typically look at the cost of similar homes in the area and use that as a basis for the price. However, when banks receive a potential buyers offer, they may refuse it as too low, even if it is comparable to the list price. Additionally, lowball offers are very likely to be refused, as the banks are not willing to take large losses. All offers require time to garner a response, as banks must deal with a large volume of sales at a time.
Favorable Short Sales
The most successful short sales are those that have already been approved by the bank. Some lending institutions have an approval process whereby they can set a minimum price they will accept. If a seller already has an agreement with their bank, then the sale is more likely to be successful.
Certain sellers are more likely to get approval for short sale. Those that own several properties or have kept their finances intact are likely to be denied. In these cases, the seller may be required to make up the difference in the property cost. Buyers looking to avoid uncertainty and stress would be better off choosing a home with a single property owner in a dire financial situation.
Other Considerations
Homeowners going through a short sale typically do not have a lot of extra money. As a result, repairs are unlikely to occur. It is possible to ask for credits on the price, and these are frequently granted.
Unlike most sales, the bank picks the buyer, not the homeowner. Some banks prefer buyers with strong credit, while others prefer buyers with a strong offer. An experienced realtor may have more experience with specific banks and their preferences.
Purchasing a short sale is an excellent way to get a competitive price on a home. However, there are many issues to keep in mind. Short sales can drag on for months, causing stress for ทาวน์โฮมมือสอง กรุงเทพ the buyer. When shopping for short sales, it is important not to get too attached to any one house, as the deal can easily fall through at any time. Experts may recommend putting in offers on many different houses, a practice that is perfectly acceptable in most areas. This will allow the buyer to keep options open while shopping properties.
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