Short Sale
A home that is listed for sale at a price lower than the amount owed on the mortgage. Homeowners hope to sell their home as a short sale to avoid going into foreclosure. What can make it difficult to buy a short sale is that there are often two mortgages on the home and both lenders must approve the sale. The ownership of the mortgages on a short sale home usually belong to more than one party, so you’ll likely have to convince multiple banks and lenders to take a loss on their original loan. This is why it often takes so long to approve a short sale offer. If the short sale fails and the homeowner can’t afford to pay his mortgage, then the bank forecloses on the home.<br />If you plan to make an offer on a short sale, be prepared for a long haul. And keep in mind that even if your offer is accepted, the bank will usually ask you to buy the home As-Is and won’t pay for any repairs
Source: Redfin (Real Estate Glossary)
Advise for Foreign Buyers
If you are considering purchasing Real Estate in Florida the process should be as comfortable as possible for you and the transaction should be finished successfully in the shortest time possible.
You will find good Real Estate offers on the market without going through the time-consuming Short Sales procedure. There are similar and fairly priced properties on the market we can find for you.
You will find good Real Estate offers on the market without going through the time-consuming Short Sales procedure. There are similar and fairly priced properties on the market we can find for you.
