I OFFERED FULL PRICE ON A SHORT SALE, DOES THAT MEAN MY SALE WILL BE APPROVED?
By Scott Godzyk, One of the Manchester NH's area Leading Agents
(Godzyk Real Estate Services)
This mornings top question is: I offered full price on a short sale, will that mean it will get approved?Before making an offer on a short sale there are several things you need to know and consider. First a short sale is not guaranteed to ever get approved and can take 3-6 months on average to complete, so you need to have time and patience before making an offer. Second the most common killer of a short sale is price, you want to make sure that asking price was at or near current market value, some agents will cut the price in half to attract more buyers, the bank will have an appraisal completed and will only approve a short sale at or near market value, so if your price is to low, despite what the asking price was, it could be denied. The next problem is the type of mortgage you are...
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