Short Sale Process For Buyer at Buying

Short Sale Process For Buyer. In a short sale, a seller will decide to submit a financial package, seeking a lender’s approval to sell the property for less than the amount they owe on it. In the event it becomes clear the borrower won’t be able to maintain their mortgage obligations, the original lender may permit them to execute a short sale.

Even if a seller agrees on a price, banks still want to see most of the money they are owed. Banks are very likely to refuse lowball offers. Potential buyers will deal with the home sellers during the short sale process, but all of the details around the process must be reviewed and approved by the lender.

Indian Lake Estates Real Estate For Sale in Lake Toxaway

The banks still want to make a profit. A short sale is a great way to get a lot of bang for a buyer’s buck; This house was our first (and probably last) foray into short sales, and i've been surprised just how slow and ridiculous the process has been. Buying a short sale property can allow buyers to purchase a home at a discount, but the downside is that the transaction can take significantly longer than the sale of a property that is not a short sale.