Quick answer: A short sale is when a homeowner sells for less than what they owe, and the lender agrees to accept less. Despite the name, short sales are rarely quick. They can take months because the bank, and sometimes more than one bank, has to approve the sale. If you're patient and flexible, a short sale can be a way to buy a home, but it pays to know what you're getting into.
The "short" isn't about speed. It means the sale price falls short of the loan balance, so the seller's lender has to agree to take less than it's owed. If there's a second mortgage or home equity loan, that lender has to agree too.
I know this firsthand. The home I bought for myself over a decade ago was a short sale, with two different banks to get on board. It was a lengthy process, and one I know intimately.
"There were many hurdles that wouldn't have been handled like they were without her! Chelsea went above and beyond to make it to the finish line!"
Crystal V., Zillow review
Foreclosures, like bank-owned homes and auction sales, are a different process. They're usually sold as-is, auctions often require cash, and you may not be able to inspect inside. If that's the path you're considering, I'm happy to refer you to a trusted specialist.
It varies, but often months rather than weeks, because the lender has to review and approve the sale.
Sometimes, but not always. The bank wants to recover as much as it can, so prices are often close to market value.
Yes. Short sales can usually be financed like a regular purchase.
I've been through one myself, and I'm happy to help you decide whether it's worth the wait.
Call or text Chelsea: 509.565.1581
Email: chelsea@mcfarlandprey.com
Office: 1402 S Grand Blvd, Suite 201, Spokane, WA 99203
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