I used to never do these, but they are starting to pop up everywhere in SE Idaho.A short sale is when the buyer and seller agree to a price to sell their home below what the seller owes on the home. The problem with this is that you have to get the bank's blessing. This is called a short sale.
I am starting to have more of these all the time and have had a few go through and a few get rejected.
Basically, you and the seller sign an agreement that says you are waiting for the bank's approval. In the meantime the seller usually leaves the home on the market. The seller will take all offers.
The bank can pick between all the offers. Both the seller and the buyer have the option of backing out of the deal before the bank accepts the offer.
Dealing with the bank sometimes is slow. It seems like these deals can take up to 3 months longer than the average deal, but it is usally under 60 days.
I can walk you through this process, but nothing is set in stone, and you are the mercy of the bank, which may or may not approve your offer.
If you have patience and don't have to have the property you are trying to pick up right away , this might be a great way to get a discount.
The discounts aren't huge, but the closer you are to what they are asking, the better your chances are for approval.
Right now is a great time to get into a short sale deal. After all, you make your money when you buy.
Thanks,
Burke Bennett
http://www.seidahohomes.com/
208 589 5599
burkebennett@hotmail.com
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