Tucson real estate : A short sale is when the list price of a home falls short of the amount owed against the home (mortgages, liens…). The property owner cannot afford to repay the full amount owned on the home and the debt holders agree to release their lien on the home and accept less than the amount owed on the debt.
I co-host a Sunday real estate radio show on 104.1fm and an angry buyer called in saying he placed a full price offer on a short sale and after months of waiting the lenders rejected his offer…. How can this be? It’s likely because the short sale and the list price was not “pre-approved” by the lenders.
Buyers if you are interested in purchasing a short sale, make sure the sale and the list price is “pre-approved” by the lenders. Your Realtor can provide you with this information. That way you can be sure the lenders, of the home you are interested in, approve of both the home’s sale and list price. If the lenders are unaware of, or don’t approve of either, the chances of the home actually selling significantly declines.
Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro valley and Marana home sales. Contact Lisa for all your Tucson real estate needs.