SHORT SALE DEFINED:
A Short Sale occurs when the net proceeds for a sale of a home are not enough to cover the sellers mortgage obligations and closing costs, such as property taxes, transfer taxes and real estate commissions, and the seller is unable or unwilling to pay for the difference. Some Uptown Charlotte condominiums are available as short sales.
PUT SIMPLY: The seller owes more on the property than they can sell for.
THINGS TO KNOW:
- Short Sales can take extended time to hear back from an offer.
- Short Sales are not for someone who is looking to close fast.
- List price does not mean that the bank will approve a sale even at full price
Interested in buying a short sale property? Email me