Mike May, Realtor 804.731.0111 Mike May, Realtor 804.731.0111
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Chesterfield County Real Estate: Purchasing a Short Sale Home

Posted By @ Nov 13th 2011 1:44am In: Blog Posts by Mike May

Chesterfield County Real Estate: Short Sales

Sometimes Home Owners can fall hard times and, when those times come, they want to list their home as a “Short Sale.” They will be able to do this under these three conditions: 1) They have a piece of property that is no longer worth the amount they originally paid for it, 2) They have fallen behind on their monthly mortgage payments, and 3) They are able to prove a condition of “hardship” with their bank.

If you are considering purchasing a Short Sale property, you absolutely need to understand the process in order to avoid disappointment and frustration.

What You Need to “DO”

  • Locate An Experienced Agent
  • Identify Potential Short Sales and View the Property
  • Current Market Value & Number of Liens
  • Determine if the Seller Qualifies for a Short Sale
  • Ask the Listing Agent about the “Short Sale Package”
  • Make the Offer
  • Wait to Hear from the Bank
  • The Bank Accepts or Rejects Your Offer

Sounds simple enough but there is a great deal of information to wade through, and you’ll want a trusted realtor to help you with this process.

/kh



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