Looking for a local Realtor?
Call Mike Stengel with Century 21 Everest 435-724-HOME
What is a Short Sale?
A short sale occurs when a property is sold at a price lower than the amount the homeowner owes on the mortgage, and the homeowner's mortgage lender(s) agrees to the 'short' payoff. A lender might accept a short sale with the property worth less than the balance of the mortgage, if the borrower cannot continue to make the monthly loan payment, does not have enough money to pay back the full balance of loan and needs to move out of the property.
This is an opportunity for a buyer that is looking to buy a home and is willing to work with their Real Estate Agent while awaiting bank approval for the short sale. This can take 2-3 months and sometimes longer. Short sale properties are typically below market, in better condition than a foreclosed home, largely because commonly the homeowner has a interest in selling the home and thus avoiding any unnecessary impact that a foreclosure would have on their credit and ability to buy a home down the road. Short sales are a fantastic opportunity for patient buyers. Like any home purchase always get a home inspection and do your due diligence. Your Realtor will help guide you and help you to stay informed on properties that best fit what you are looking for.
See a property you like? Request a showing or call Mike Stengel with Century 21 Everest at 435-724-4663.