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| Lavender Kitchen and pink counter-tops |
Wikipedia defines short sale as the following: A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan.[1] It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.[2]
So in essence, for the seller, a short sale looks better on their credit report than a foreclosure. And it appears a short sale is less expensive for everyone than an actual foreclosure. But is is a process of making the offer, having the seller accept the offer, and then having the lender and or pre-bankruptcy lawyer accept the offer. I find it all very confusing but am grateful that my Realtor is quite tenacious and keeps us up to date on everything.
After a couple of Emails and phone calls yesterday (between the seller's Realtor, my Realtor and my husband), we decided to offer full price AND to pay the closing costs. We are hoping that this new offer will be accepted by the seller's lender and that we will be able to purchase the new home. Short sales are definitely a waiting game. But, we are patient. Well, we are trying to be patient.
And who would not LOVE a Purple Kitchen in their new home??
13 comments:
Hopefully this speeds things along for you guys. Good luck!
Good luck. I am sure your patience will pay off.
Hope your offer is accepted soon.
Sounds like it will be definitely worth it in the end... I'm glad you have a great realitor!
That's quite the purple kitchen :)
If that doesn't do it I don't know what will. Hopefully you'll be in there by spring!
We sold our home almost three years ago as a short sale. I have heard stories about the sale of a short sale home taking a long time. Ours closed in 30 days. I'm not sure if it was our lender or that the buyer paid cash. It was a fairly easy process dealing with our bank and the Realtor we used.
Niki, Budget Confidential, Jan,Jane, and Money Reasons....
Thanks for the well wishes!
Money Reasons.... yep,,, it is a very purple kitchen. :)
First time I had ever heard of a short Sale, so thanks for the explanation.
Wow a purple kitchen, just what you always wanted !!!!!
Thanks for your detailed explaination. :) Good luck and look forward to hearing when you get it! Is there any potential negatives that could come out of buying a short sale?
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This post was really perfectly created, and it in addition comprises plenty of valuable information. I appreciated your professional method of writing this blog post. Thank you, you’ve produced it straightforward for me to understand.
Thanks for your detailed explaination. :) Good luck and look forward to hearing when you get it! Is there any potential negatives that could come out of buying a short sale?
We sold our home almost three years ago as a short sale. I have heard stories about the sale of a short sale home taking a long time. Ours closed in 30 days. I'm not sure if it was our lender or that the buyer paid cash. It was a fairly easy process dealing with our bank and the Realtor we used.
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