BUYING A SHORT SALE PROPERTY

Buying a Short Sale Property

Frequently Asked Questions. Below are the questions, then click the link at the end of the questions for the answers.

General

  1. What is a short sale?
  2. Is the mortgage lender’s approval necessary in a short sale?
  3. Why do homeowners sell their homes through a short sale?
  4. Who benefits from a short sale and how do they benefit?
  5. What are the pitfalls of buying a short sale property?
  6. If the seller is selling a property for less than what they bought it for, does that mean the buyer instantly earns equity on the property?
  7. Why does the short sale purchase process usually take longer that a regular purchase?
  8. Can I complete a short sale purchase transaction on my own?

Short Sale Listings

  1. How can I find properties that are being sold on a short sale?
  2. What is the difference between a short sale listing that says “approved for short sale” and “third-party review required”?

Short Sale Approval

  1. What are the reasons the mortgage lender will not approve a short sale?
  2. What is a settlement statement?

Making an Offer for a Short Sale Property

  1. What information should I look up to help me decide if I should pursue a short sale purchase?
  2. Where do I find this information?
  3. Should my offer match the listed price?
  4. Should I start with a lowball offer in case bidding or negotiations occur?
  5. What should be included when an offer is submitted?
  6. What are the reasons the mortgage lender would reject an offer?
  7. How can I increase the chances of my offer being accepted?
  8. Should I start shopping for a lender even if the property I am interested in has not been approved for a short sale?

Other Impediments to a Short Sale

  1. Why does a short sale become more difficult when there are more lenders involved?
  2. Can the seller impede the short sale process?

Short Sale Contracts

  1. What is the short sale addendum?
  2. Can the home seller cancel the short sale contract?

To see the answers, please click HERE.

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