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Ernad Preldzic (781)738-2654 - RE/MAX 360 - Real Estate Sales - Marketing - Consulting

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Ernad Preldzic
RE/MAX 360
515 Lowell St
Peabody, MA 01960
Phone: 781-738-2654
Web: www.domusmaximus.com


Email: ernadpreldzic@gmail.com


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Short Sale

It happens when a lender (bank, mortgage company) agrees to accept less than the amount owed against the home, because there is not enough equity to sell and pay all costs of sale. Not all lenders will accept short sales especially if it would make more financial sense to foreclose and not all sellers or all properties qualify for it. Seller will need to have stopped making mortgage payments,before a lender will consider it. Short sales are a better option for homeowners in financial hardship than a foreclosure, since consequences of a foreclosure will stay longer on a credit record than a short sale and in some case is a better option for the bank as well since foreclosure process is costly. Common phrase used describing a short sale listing is: Subject to a third party approval, subject to lender approval, third party approval needed...




Buying a Short Sale Property

Homeowners acceptance is subject to the lenders acceptance, or once the owner of the property has accepted offer, it has to be accepted with a lender as well. Approval time from lender for a short sale could be aproximately 45-75 days. If there's a second mortgage on the property, it can take additional time to get both the first and second lien holders in agreement. In some cases property will remain on the market until the closing date. That means it may be still available to any other buyer to place an offer as a security for the lender, meaning they will have back up offer(s). Short sales are complicated transactions and they require approvals from a number of parties including the loan servicer, the loan investor, and the mortgage insurance company if there is one...







   
REAL ESTATE SALES - MARKETING - CONSULTING


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