Buyer Benefits of  a Short Sale

 

A short sale means the seller's lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it.
 
Short Sales offer buyers, who in many cases, couldn't afford to buy a home just a year ago, an opportunity to get a great deal in a buyers' market. In most cases, short sale listings are listed lower than similar properties and often with 'built-in equity'. Buyers should know that the process can take much longer than usual, and often buyers will have to be patient for several weeks before their offer is even reviewed by the lenders. However, for the patient buyer, the reward is a great home at a great price. Buyers should know that short sale terms often require them to accept the property "as-is".