A short sale does way less damage to a homeowner’s credit report and credit score than a foreclosure. This means the homeowner will be in better shape to apply for a mortgage and buy a new home.
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A short sale is when a home owner sells his or her property for less than the amount owed on their mortgage. In other words, the seller is "short" the cash needed to fully repay the mortgage lender.
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That means you cannot use the short sale as a way to get rid your old house in a declining housing market and buy a comparable house for a lower price. Getting an Fannie Mae/Freddie Mac Loan After short sale. waiting periods for a Fannie Mae or Freddie Mac mortgage loan following a short sale vary, depending on the circumstances.
There are many reasons homeowners opt for a short sale, but one of the most common is to avoid going into foreclosure. If you’re a buyer, a short sale can enable you to buy a property at a discount because the seller is distressed and has fewer options. But you’ll need to be patient because buying a property in a short sale may take some time.
Buying a home on a short sale can save you money, but there are some factors to consider. What’s involved in the short sale process for home buying? Realtors and lenders help you successfully close on the home or investment property you want.
Unlike a conventional home buying process which involves negotiations between the buyers’ agent and the home sellers, with a short sale the lender has the final say in whether or not an offer to purchase is accepted.
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When you buy a short sale, you are usually buying the property ‘as is.’ The bank is already losing money on the property, so they will not usually make concessions for these maintenance issues. It is therefore extremely important to get a home inspection so you can uncover any major issues the property may have.
Short sales shouldn't be a mystery to anyone anymore.however I am still shocked at just how many buyer's agents attempt to represent clients.