Short Sale is a term that we hear quite often these days. What does it mean? It's quite simple. A short sale is when there is not enough money in the transaction to satisfy all the obligations of the seller. These obligations can include the payoff of any and all mortgages, any loans collateralized by the property, transfer taxes, legal fees, real estate commissions and any outstanding property taxes or liens against the property. A short sale is often a better alternative for the bank and the seller to avoid the foreclosure process.
Should you purchase a short sale? Yes! A home that is a short sale is just as good a home to purchase as one that is not a short sale. After negotiating with the seller, the transaction will require the bank's approval. The time it takes for the bank to give their approval varies from bank to bank. It can take just a few weeks or it can take a few months.
As of 9/21/08, the are seven homes listed on the GFC MLS that are identified as 'Possible Short Sale" in Newtown, CT. The list price of these homes ranges from $299,000 to $1,355,000.
If you have any questions or if you'd like a list of possible short sale properties, Email us!