First off a short sale is a situation where thehome ownerowes more than market value on thier home. The term short sale has been seen more and more lately due to the decline inhome values over the past 1+ year. On top of that there are also several loans such as an ARM that has come time to adjust and thehome owneris unable to refinance their home loan. This causes them to fall behind in payments starting the foreclosure process on their home.
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A short sale works like this. The seller gets an offer on their home (below what they owe). They than submitthat offer to their lender (usually working with a Realtor) for approval along with a bunch of other paperwork (Tax Returns, W2s, Bank Statements, Hardship Letter, etc). If the bank thinks they can just cut their losses with thehome more than likely they will take the offer. If not they may want to counter the offer.
What does this mean to you? Well if you are selling your home you will need to be awarethat these homes are out there as they will more than likely compete with your home for showings. Chances are they will also undercut your price on your home in order to make sure they get an offer. The good news is, a lot of buyers to not want to take the time to purchase a short sale home as it can take 30-60-90 days to get a response and the condition of the home is typically less than perfect.
What does this mean to you if you are buying a home? Well if you need to move right away or do not have the patience to wait a short sale out these may not be a good fit. If you do have the time and patience you may be able to find a nice price onyour nexthome.
One final thing before I go. Credit for this article goes toward AllPro Roofing and Sheet Metal. They’re an adept roofing company based in Waterloo ON based in Ontario. The idea for this post came to me while speaking with Robert there. One thing led to another and we ended up discussing the topic in great detail. Anyway, check their site out at http://www.allproroofing.ca. That’s all for the time being!
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