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Short Sales
A short sale is when the owner of the home owes more money on their mortgage than what the house
is currently worth. The bank agrees for the owner to sell the house “short” of what they owe on the
home and consider the debt paid. The biggest challenges Buyers experience when purchasing a Short
Sale are:
• Length of Time – Once the owner accepts your offer it can takes months before the bank
accepts your offer. This is called lien holder approval. During this waiting period, there are often
very few updates and it is a “waiting game”.
• Sold As-Is – Even though the homeowner is still involved, most short sales are treated similar to
that of a bank-owned home. Remember, the bank is allowing the homeowner to sell the home
short of what they owe on it. This means there aren’t any funds available for repairs that may be
needed.
• Closing Costs – Getting the seller/bank to approve paying the buyers closing costs can be
difficult in short sales. Even if the sellers accept your offer and agrees to pay for your closing
costs, the bank/lien holder can deny the paying of your closing costs. In short sales, the bank has
the final say, the home owner has very little control over the process.
Auctions
In most cases, homes being sold at an auction are for cash only buyers. If occupied, auction properties
do not allow for interior viewings prior to the auction. All auctions have different guidelines and should
be thoroughly researched ahead of time.
To me, providing exceptional service involves more than just finding the perfect home. It requires
helping you take all the logical steps required in order for you to complete the process, from beginning
to end.