Just a few things you should know when getting involved in a short sale purchase:
1. Owner still owns the home
2. Owner is shorting their mortgage company, with permission, it is not short for the buyer in any way!
3. Agent needs owners cooperation to get short sale approved
4. Buyer is buying in strictly in as is condition, Owner is not fixing the house! Buyer is responsible for certificate of occupancy if there is one for that town and/or smoke detector certification, If it is well and septic, Buyer will have the septic checked at their expense and pay for the water test which is $375.
5. Buyer has to be patient.
6. Once under contract, Buyer should apply for a mortgage so they will be ready when short sale is approved
7. Once under contract, Buyer has their home inspection in a timely manner to determine if they want to move forward or move on.
7. The approval letter will give a clear amount of time and closing has to occur in that time frame.
What I see in this past year are unprepared buyers involved in short sales. Please ask your agent if they have ever handled a short sale before. This is when experience counts! For more information, feel free to email or call me, [email protected] 609-204-1706
Author:Nancy Vasta C Phone: 609-204-1706 Dated: November 11th 2016 Views: 188 About Nancy Vasta: We have been fortunate enough to have Nancy on our Glen Cove Real Estate home team since 2001. Nancy...
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