So -- you wanna buy a short sale. Do you even know what that means?

This house is listed as a Short Sale what does that mean?

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.

Mark Nehs
Mortgage Loan Officer
Waukesha County Wisconsin

Contact info
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.

262-893-5555 Office/Cell

(888) 872-0526

Direct Fax


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