Short sales are becoming more prevalant in recent times. A short sale is a sale of real estate property for an amount less than the unpaid balance of its first mortgage. Once costs such as commissions, escrow, and title are passed along to the lender, the sale progresses. The most important point to note, is the lender agrees to accept the proceeds as payment in full, despite the shortfall.
Short sales have become a popular alternative to foreclosure, and are a more credit-friendly option.
Sellers who are considering a short sale should negotiate a payoff with their lender first before listing the property. This will assist in determining the sale price. Also, it will make it faster and easier to close once a buyer has been found.
If you are the buyer in a short sale, you can expect a little more paperwork but overall they are a great option to get a lower price on a property.
If you would like more information on short sales in the Steamboat Springs area, please send us an email.
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