What You Need to Know Before Making an Offer on a Short Sale

Published On: May 17, 2017|Categories: Charlotte lifestyle real estate blog|Tags: Buying a Short Sale, Financing, Lender, Short Sale|

If you’re buying a home for sale in Weddington, a condo for sale in Charlotte, or any other home that’s listed as a “short sale,” you need to know what you’re getting into—and knowing as much as you can could save you big headaches down the road.

What is a Short Sale?

The name is a bit misleading. A short sale isn’t a home that moves on and off the Charlotte real estate market quickly; it’s a home that the lender is willing to sell at a discounted payoff.

The seller’s lender is typically willing to do this to close out an existing mortgage. Sometimes this happens because the seller is about to default on payments, the home is worth less than the mortgage owed, or for various other reasons.

A short sale can take several months to close, so if you’re considering buying one, make sure you have the time budget for it.

Check Mortgage Amounts, the Number of Loans, and the Lenders Before You Make an Offer

Your Realtor® will help you through the short sale process, and part of that is finding out how much the seller owes against the home. Sometimes sellers have two (or even three) mortgages on a property, which means you’ll need to make an appropriate offer if you want to be considered.

Does a Lender Have to Approve a Short Sale?

Lenders are under no obligation to approve a short sale, even if the seller accepts your offer. Remember, the lender is the one taking the loss here; that means the lender is the one making the decisions about what’s acceptable and what’s not.

Are You Looking for Short Sales in Charlotte?

Whether you’re searching for a USDA home for sale in Charlotte or you’d like to find the perfect place to live in Harrisburg, we can help.

Call us at 704-608-2794 to talk to a knowledgeable Charlotte Realtor® who can help you find the perfect place to live today.

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