A short sale is when the bank needs to approve the sale of the house for less than what the sellers owe on the property. Just yesterday first time home buyers were meeting with me and were wondering what a short sale was because one of the houses the Realtor found for them was a short sale. Here is an example:
The buyer wants to offer $200,000
The seller owes $220,000
How can this house be sold? The answer is the bank needs to agree to take less money than what is owed to them. Sometimes they say yes and sometimes they say no but either way a typical short sale is a slower process. Over the last couple of years it has become more streamlined but still is not as quick as being able to negotiate directly with the sellers of the property which are typically local are eager to sell.
This couple is planning on moving by the end of May and I advised them that you want to make sure everyone involved is knowledgeable about short sales and to expect it to take longer. Many of the horror stories on the Internet about short sales are true but with the proper expectations and if you are working with experienced short sale professionals on all sides of the transaction it will greatly increase your chance of a smooth path to home ownership.
Any questions about short sales or if you are looking for a mortgage lender to help you finance a short sale contact me, Mark Nehs, Wisconsin mortgage loan officer.
Mortgage Loan Officer
Waukesha County Wisconsin
Shopping for a the lowest mortgage rate is easy but finding a mortgage loan officer AND a bank that can deliver is not. Call me, Mark Nehs, today at 262-613-2730. Your Waukesha Wisconsin Mortgage Lender.
Please feel free to call me for any of your real estate needs, including an online market if you are a seller, or finding a home in Waukesha County, Jefferson County, Dodge County, Washington County, Milwaukee County or any county in Wisconsin. Real Estate is an excellent investment!
When you are looking at buying a Waukesha county home , real estate agent, finding a Waukesha real estate agent, finding a Delafield, Chenequa, Pewaukee, Oconomowoc, Hartland, Waukesha, Wales, Mukwonago, Wales,New Berlin, Brookfield, Dousman, Eagle or any other of the great municipalities in Waukesha County,Wisconsin.
If looking for LAKE COUNTRY LIVING on one of Waukesha County’s great lakes: Nagawicka, Pewaukee, Pine, Beaver, Okauchee, Moose, North, Oconomowoc,I would be glad to help you in any relocation to Waukesha County, or help in buying a home in Waukesha County, or selling a home in Waukesha County. I strongly encourage any seller that is looking to market their property this year to get a sound feeling for what it is worth. Real estate in Waukesha County is now an excellent investment, prices of superb, selection is great, and the rates are outstanding.
When you are looking at buying a Jefferson County home , or DODGE County real estate agent, finding a Watertown real estate agent, finding a Jefferson, Johnson Creek, Fort Atkinson, Ixonia, Lake Mills, Hartford, Ashippun, Slinger, Beaver Dam,or any other of the great municipalities in Jefferson County or Dodge,Wisconsin.
Please feel free to call me for any of your real estate needs, including an online market if you are a seller, or finding a home in Waukesha County, JEFFERSON County, Washington County, Dodge County, Milwaukee County. Real Estate in Waukesha County is an excellent investment!
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