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Rashida Furniturewalla

  • Is a Short Sale right for you?

    When the selling price of a property is less than what is owed on its mortgage note there is a shortfall in the amount needed to satisfy the loan balance.

    This is a loss to the bank who holds the mortgage. Unless the bank is willing to take that loss there will be no sale. For an owner to get an approval from

    the bank he has to prove a legitimate financial hardship. Often there are more than one loans on the property. If that is the case then all the banks have

    to accept a smaller payoff in order for the short sale to go through. Why do they they call it a short sale? This is the longest sale... It can take months or

    even upto a year to close depending on the bank.

    So if it is that lenghty and uncertain why go for it?...Short Sales are normally sell for a lower price and if you have the time and patience to wait it out then

    you can get a good deal.

    Remember short sale sellers have a financial situation and most often the property has not been adequately maintained. This means things could be

    breakdown sooner than later and you have to budget for their repair. In spite for these negatives short sales are a good way for a seller to dispose of

    the property and prevent a foreclosure form ruining his credit.