Ask Cary Real Estate, What is a Short Sale?
What is a Short Sale? A Short Sale occurs when a home seller is allowed by their lender to sell the home for less than what’s owed on the mortgage.
If you are a home seller you may be thinking – I like that idea – not having to pay back as much as I owe – well, of course, it’s not that simple. Typically several things need to occur before your mortgage holder will consider a short sale:
1) You are delinquent on your house payments
2) You have no other assets or ability to cover what you owe
3) Short Sale is the only option to avoid Foreclosure
4) Lender considers short sale necessary and possible
Most buyers really don’t know what to expect during the home inspection. Should they attend? How long will it take? Here’s a few tips to help you be prepared and know what to expect.