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Hopkinton Short Sale- what is it??
Many buyers in the market right now
re bemoaning the short sale. A short
sale is when someone lists or sells their
home for less than what is owed on it.
Many homeowners are under water on
their values and can’t refinance so their
only options are either to let it go to
foreclosure or request a short sale.
Short sale sellers often are behind on
their payments or are already in
pre-foreclosure.
A lengthy short sale approval
process may be required and the avg.
time frame is just over 3 months.
Many buyers try to avoid short sales
since you often don’t know if you have
a deal till the very end of the process.
If the loss mitigation or short sale
specialist rejects the proposal, the deal
falls apart and any moneys spent on
home inspections or nonrefundable
loan application fees are lost. Patience
and perseverance are definitely
required for short sale properties.
Have questions about short sales or would like to offer your experiences, please send them to us and we will be happy to post them for others benefit.
Bob Marquedant Broker. Owner
Local Hopkinton Realtor
Serving Hopkinton since 1985.
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Buyers Beware.....
We are experts in working
short sale deals, why not
put our experience to work
for you.
Here’s some tips on buying short sales...
Try not to put down
any deposit money
if you can.
Request that home
inspections be tied to
the time frame for the
approval is possible.
When making a loan
application, defer the
ordering of the home
appraisal so you won’t
have to pay for it if the
deal falls apart.
Float P & S signing
dates to keep from
paying additional
down payment moneys.
Request that seller
sign over rights to the
broker to negotiate
with the short sale
specialist so someone
experienced can push
the process forward.
Be proactive-many
short sale requests
land in the abyss of
paperwork. Be the
squeaky wheel.
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Bob Marquedant
Local Hopkinton
Realtor
508 435-4009 O
508 341-5630 M
508 435-9257 F
Bob@Hopkinton
Realty.com
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