There is still an occasional infomercial telling folks how easy it is to pick up a bargain at a tax sale. The lure of easy bucks. Isn’t that one of the issues that led us to where we are today? Some have even called it greed.
There are a lot of resources available on the internet about short sales now and the general public has learned. Among the things they have learned:
- short sales are situations where selling price will be less than mortgage owed and any offer requires lender approval
- lenders may or may not hold sellers personally liable for difference between sales price and monies owed (if you are a seller, consult an attorney and/or tax advisor)
- short sales take time for a decision possibly 60 days or more
- sellers have to have a valid reason to sell (not just because the value of the house has dropped)
- short sales will hit your credit but not as bad as a foreclosure (I have been told this.)
- the stigma of a short sale does not appear to be as negative (are we now more accepting?)
There is boundless information available. Consult a real estate professional, tax professional, your lender’s loss mitigation department, an attorney if you are considering a short sale.
If you want to buy a short sale – be patient!
Back to my title – I read advertisements that say “Bank says make offer.” Banks do want offers but they want realistic offers.
If you are interested in a short sale purchase in Brevard County Florida, please feel free to contact me for information. If you are considering a short sale of your own property, I would welcome a chance to discuss your circumstances and the market.