SHORT SALES AND WHAT YOU MUST HAVE TO PURCHASE ONE!!

You may have heard about purchasing a "short sale" and wondered what it is all about. Here are some details!

I have been involved with numerous real estate transactions in the Milwaukee area that have been short sales. The first one must have been about 5 years ago. Long before it was the "normal" situation for many sellers and buyers.

Simply put A "Short Sale" is a sale of real estate that involves a seller's approval and the mortgage holder's approval to sell. The seller does not have enough proceeds from the sale to pay off their mortgage. The mortgage holder must agree to give clear title to the next owner without being paid all of the money that the seller of the property owes.

The first thing you must have is a knowledgeable advisor to help you through the situation, whether or not you are on the buying or the selling side. There are many ways to navigate the sale and the more experience the real estate agents have, the better!

The second thing you need is patience and lots of it. The sellers and buyers both! Sellers are not happy about having to sell. Understandably so. They are not going to be realizing any profits from the sale of their home. They may not really want to sell, but must sell. Some need to sell to move out of the area. Many have lost employment. I understand and everyone in the transaction must understand this is a difficult thing for them.

Patience is needed with timing. An answer from the bank regarding whether or not the "short sale" is approved may take 2 to 9 weeks. I even know of one sale that has been going on over a YEAR! A buyer needs to understand that the process will take some extra time. You won't know if you have a sale right away. You won't have an anwswer in a day or two like when you are dealing with an owner of a home in a normal transaction.

For more help with a short sale, call on me!

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You can find great local Milwaukee Wisconsin area real estateinformation on Localism.com April Hayden-Munson Realtor, Southeastern Wisconsin is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business. Serving Milwaukee, Waukesha, Washington counties and the surrounding area.