Short Sale as a Buyer
A short sale as a buyer is an interesting perspective: You found a house you and your family love. But, the outstanding mortgage amount owed on the house by the existing owner is $250,000 but it’s fair market value is $200,000, this is known as “under water.” According to some surveys say that close to 30% of all loans in the United States are under water. As a home buyer, you have a very good chance of stumbling across a situation just like this. This situation creates a short sale and although it may seem like a real bargain, and it can be, there can be some real snake pits you will fall into if you do not do our homework. Ask Garrett how to handle these issues UP FRONT:
- Can either agent mess up the deal? Absolutely. You MUST have an experienced short sale specialist on your side. Banks can tell. Do your homework or ask Garrett.
- How to push the process through to completion. Many times a sale will fallapart right at the last minute. Ask Garrett how to keep this from happening.
- How to request a short sale package from the lender and make sure the buyer fills it out.
- How does the seller create a hardship letter?
- How to make sure there are no other debts like taxes, association fees and sewer bills that must be paid.
- How to ensure the property was not neglected and in need of serious repair.
These are just a few of the questions and issues you will need to discuss with Garrett.
A short sale could be like hitting the lottery, make sure Garrett has given you the information you need.