You Need to do a Short Sale- What’s Next?
Short Sale Owner’s Role Vs Foreclosure Owner’s Role
The role of the owner in short sales is definitely different then their role in a foreclosure. Their are benefits to buying either a short sale or a foreclosure when it comes to finding a good deal but the role the owner plays in each scenario can be drastically different.
A short sale owner is very motivated to sell their home. The owner is trying to sell their home before it goes into foreclosure. If they can avoid foreclosure, they avoid a lot of financial burden and long term consequences. So these owners are motivated to be on the buyer’s side.
Foreclosure owners on the other hand can be a huge issue. They do not want their house sold, and many will fight it tooth and nail. Sometimes, it is the buyers responsibility to evict the old owners once the house is bought. There have been times where the original owners have trashed their home out of spite. These issues do not arise in a short sale situation.
2. Price Agreement
The short sale owner does not usually worry about how much the buyer offers, as long as the bank approves it. They might be frustrated that they paid much more than the new buyer might be paying, but they are usually very grateful to just be out from under the financial burden of owing more than their house is worth.
Sellers for short sales are ready to cooperate with the buyers. They will try to keep their house in better shape than those in a foreclosure situation who may not want their house to sell or are so financially unstable that they cannot keep up with general house maintenance.
The owners of a short sale are much easier to work with and more motivated than those of a foreclosure. If you find yourself looking to buy short sales or in a position needing to short sell your home in the Northern Virginia area, please give us a call so we can help you through the process!
If you are in a possible short sale situation and want to get more information about the process, please call us. We would like to help you understand what you need to know about a short sale and if you qualify! We have successfully sold over 350 short sales! Yours may be next!
Jennifer Young Homes
Keller Williams Realty