What is a short sale?

If you are hinking abou buying a home and have been checking ou wha is avai ab e, chances are you have come across homes ha are is ed as shor sa es Le s a k abou wha ha means
The homeowners ender is working wi h he homeowners o possib y se heir house for ess han wha heir payo is The pro from he sa e wi be shor of wha he homeowners owe on he oan

The homeowners s own he home I is no a forec osure

BUT

SO
If you wou d ike o make an oer on a shor sa e The oer mus rs be approved and accep ed by he homeowners Then he oer is forwarded o he homeowners ender (or enders if hey have a second mor gage) for na approva

WHICH MEANS
A shor sa e is any hing BUT shor ! Because he bank mus make he na approva and here is so much invo ved in he approva process, you wi have o be very pa en ! I is no uncommon o wai 4-8 mon hs for na Expec o purchase a shor sa e approva ! home in as-is condi on This may be a prob em if you are p anning on using a oan ype ha requires cer ain repairs o be made in order o qua ify for he oan ike an FHA oan or a VA oan The homeowners de ermine he asking price for he house However, he bank has he na say If he homeowners accep your oer, here is s a chance he bank wi no approve i You may hear a shor sa e referred o as a pre-forec osure If he home is in he process of being forec osed on, being under con rac does no necessari y s op he forec osure process If he ender akes oo ong o approve he shor sa e, i may forec ose in he mean me