Short sale houses are a way for homebuyers to buy a new home without spending a lot of money. But what exactly are short sales and how can they help you save money? Let’s take a look at these unique home sales.
What is a Short Sale?
A short sale occurs when a property is sold at a price that is lower than the amount the homeowner owes on the mortgage. In order for this sale to occur, the homeowner’s lenders must agree to the “short” payoff. A lender may accept a short sale for less than the balance of the mortgage is the property is actually worth less than the amount owed. Short sales are a good option when a borrow cannot make the payments, does not have savings, and is in financial trouble.
How Can Buyers Benefit from a Short Sale?
A short sale can be a bargain for home buyers, but you will have to jump through some hoops to get the sale approved. A short sale typically takes 90 to 120 days or longer for the sale to be approved so it is not recommended for people who want to move quickly or for people who get frustrated with waiting. This process can take longer than traditional sales because the lenders often counter with their own demands in order to raise their bottom lines. Most offers come with conditions like the buyers being responsible for repairs, wire transfers, and notary fees. These conditions can be negotiated in order to make both parties happy or you can walk away is you are not satisfied with the terms of the deal.
Short sales are a great way for homebuyers to find a great home at a lower price. But they do take time and patience. For more information on negotiating a short sale, call Clagett Enterprises today!
Short Sales with Clagett Enterprises
If you’re looking for the perfect realtor for your family or property management company for your portfolio of properties, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistant selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, Pinterest, and Google+.