A short sale is a method of selling homes that has recently become
popular. This method of selling a home occurs when the amount of money owed on
the home in question is less than it is worth. Because of the rise of this
method for selling homes, many people are now purchasing homes through this
method rather than more traditional means. However, there are certain things
that a purchaser should be aware of before they choose to make an offer on any
house available through this new method. Two of the things that any potential
purchaser should know are a real estate agent who has worked with the selling
entity before, and how much the homeowner owes on the property itself.
Knowledgable
Estate Agent
It is important to have a real estate agent who has dealt with the
seller's intermediary before. The seller may have employed a real estate agent
of their own, or they may choose to let their lender conduct the process for
them. It is important that your own real estate agent have conducted business
with the seller's intermediary because that will enable your real estate agent
to collect as much information as possible before the transaction. This
information is necessary because it will smooth the process of the transaction
and provide you with any warnings about problems that may appear along the way.
Amount Owed
One of the
pieces of information that a connected real estate agent should be able to
uncover is how much the homeowner still owes on their property. A short sale only occurs when the homeowner
owes more on the property than the property is worth. The transaction of the
house is occurring so that the lender can recoup as much of the home's value as
possible in order to pay off the debt. Knowing how much the homeowner owes on
the house is crucial to the house’s transaction because that will tell you how
much the lender prefers to make back. Because the lender is looking to recover
on their own losses, it is likely that they will only accept a certain fraction
of the amount they need.
This is a guest post provided for the readers of Giveaway Lady.
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