Short Sale
Short Sales
If you are a Buyer, this could be to your advantage. When you purchase the property, you could have several thousand dollars worth of equity on the house when you move in. It is also a great venue for investments.
Just what is a Short Sale? A Short Sale is when the lender, whomever that might be, agrees to accept less for a payoff on the loan than what is currently owned by the borrower/homeowner. What this means is that the borrower/homeowner owes more than the value of the house. For example, a homeowner owes the bank or mortgage company $100,000, but the value of the house is only $75,000. This could qualify for a Short Sale.
A Short Sale does not have to involve a propety in foreclosure. If the homeowner is in financial trouble or “upside down” as what some lenders would call it, it might qualify the homeowner for a Short Sale. If the house is in foreclosure, the homeowner might still be eligible for a Short Sale.
For more information on Short Sales, please feel free to contact me by email at Ike@BestPensacolaHomes.com or by calling 850-206-9993 or 850-455-3876.
