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Hey everyone, thanks for joining us today. We are here to discuss what short sales are and how you can purchase one here in Wilimington.
A short sale occurs when the home seller owes more against the property than what the property is actually worth. In that case, the lien holder has to agree to take less than what's owed against the property in order to sell the home. It's a pretty good way to get a good deal as a buyer, but there are some things you need to take into consideration first.
First off, can you afford to take an extended period of time to close? Short sales are notoriously slow and some can even take up to a year before they actually close. The next thing you'll have to deal with is price, where the figure set by the broker isn't always the figure that the lien holder wants. The lien holder is the one who ultimately decides on the price of the home.
There are some great advantages to doing short sales, however. You can terminate the contract at any time during the process prior to lien holder approval. If you have a property under contract, but find one you like more, as long as the lien holder hasn't given their approval, you are free and clear to terminate the contract.
If you have any questions for us about short sales or anything else real estate related, feel free to give us a call or send us an email. We look forward to speaking with you!
