The short sale process is not for the light of heart, but it can be a rewarding endeavor given the correct steps and the right amount of tenacity. Join one of our experienced short sale agents to guide you through the short sale process, so that Mountain Home short sale property can be yours.
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Mountain Home Real Estate - Short Sales & Bank Owned Property
A short sale occurs when a homeowner finds themselves unable to keep current on their mortgage payments. A short sale is a good alternative to a foreclosure where the owner in essence signs away ownership. When the bank agrees to do a short sale, it is accepting less than what is owed. It's a tedious process for the homeowner, and not all homes can qualify for a short sale. Short sales have become prominent lately, so it's important to understand the ramifications of a short sale before you make any moves.
Buyers go after short sales to get a good deal. So, chances are if you're looking at homes and you come across one that seems like a really good deal, it's possible it's a short sale. Short sales are considered part of what is called a distressed property. Distressed properties see some of the best deals for home buyers, along with foreclosures or any real estate owned properties. It's important to know that sometimes, even if the seller accepts your offer, the lender may not. A short sale is a three party transaction, and they can take a few months (in some cases) to close.
It's important to partner up with an experienced real estate agent who has handled short sales before, before you proceed. Your agent can do the necessary research for you before you make an offer to purchase. Your agent will do a number of things for you before an offer should be made, such as finding out if a foreclosure notice has been filed and how much is owed to the lender. These are important as they will help determine how much to offer the seller.
You and your agent will then submit documents and a purchase offer to the bank, after which you'll be asked to give the bank time to respond. This is where that aforementioned tenacity comes to play. It's important to have patience as short sales are notorious for taking a long time to close. Don't despair, as some lenders can and usually do make a decision within two to three months.
IDX information is provided exclusively for consumers' personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. IMLS does not assume any liability for missing or inaccurate data. Information provided by IMLS is deemed reliable but not guaranteed.
Listing information last updated on August 19th, 2017 at 12:07pm MDT.