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Purchasing A Short Sale


What is a short sale?

A short sale occurs when a seller owes more than the fair market value of the home, faces a demonstrable financial hardship and needs the seller’s lender(s) approval to close escrow.


Why must the seller’s lender approve the transaction?

The seller’s loan(s) is a lien against the property; in order for title to the property to pass to the buyer, that lien must be satisfied. Therefore, getting the seller’s lender(s) to accept less than it is owed is a critical step in a short sale. For the seller’s lender(s) to accept a short sale and therefore less than what’s owed on the loan(s), the seller has to demonstrate a financial hardship and inability to pay back the full amount of the loan(s).


What happens after my offer is written?

The offer will be presented to the seller and if the seller wants to accept the offer, you may receive a counteroffer or addendum containing “contingency” language. That is, the seller is willing to accept the offer but the deal will not be final until the seller’s lender(s) approves of the transaction. Then, the seller’s agent will submit the signed contract, including any counteroffers and addenda, to the seller’s lender(s) along with other documents that the lender(s) may require.


How long will the process take?

It depends on the seller’s lender’s workload and requirements. Buyers who submit an offer on a short sale must be prepared to wait at least three to four months for the seller’s lender(s) to approve the transaction. Remember that after the seller’s lender(s) approves the transaction, other contingencies may have to be met (home inspections, buyer’s loan qualifications) before the transaction actually closes. The seller’s lender(s) approval is only one piece of the puzzle.


Why does it take so long?

Lenders are flooded with short sale requests, then multiply that by the amount of paperwork required to process and approve a short sale and you have a backlog. No one, including the Brokers and Agents involved in the transaction, can control the seller’s lender’s approval.


Want to know more about what goes on behind the scenes of a short sale?  Click the following link; Short Sales: understanding what goes on behind the scenes


Please contact Realty Expertise about Purchasing a Short Sale via;
Phone: 702.373.7565 or Email:

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Realty Expertise assumes no responsibility nor guarantees the accuracy of this information. Realty Expertise does not guarantee your lender will change the terms of your mortgage. Realty Expertise and their associates are not attorneys;  Realty Expertise is not engaged in the practice of law nor gives any legal advice. Realty Expertise strongly recommends that you seek the appropriate Professional counsel regarding your legal rights as a homeowner.

Realty Expertise is not associated with the United States government, mortgage lenders or any banking institutions. By accepting this offer and using the services of Realty Expertise, your lender may still not agree to change your loan.

IMPORTANT DISCLOSURE: Clients of Realty Expertise are never charged any fees associated with the short sale process.

You have the right to reject or accept any offer Realty Expertise obtains from your lender (servicer) of your loan.

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