When viewing properties as a prospective buyer, you may occasionally encounter a property that’s listed as a “potential short sale.”
So what does this mean for the buyer? And what are the advantages of mentioning that your property is a potential short sale when listing your property for sale on the real estate market?
What’s a Potential Short Sale?
Well, a potential short sale means that the property’s asking price is close to the amount that’s owed on the borrower’s mortgage.
In most cases, if the property owner receives an offer that’s at or near the asking price, then they can move forward with a traditional sale.
If the offer is less than what’s owed on the property, then the homeowner will pursue a short sale which entails getting bank approval to sell the real estate for an amount that’s less than what’s owed on the home loan(s).
Why Should I List My Home as a Potential Short Sale?
Listing your home as a potential short sale brings many potential benefits, especially when it comes to the type of buyer you attract.
Listing a property as a potential short sale will make the home more attractive to investors and others in search of a good deal, as most associate short sales with very competitive pricing.
In addition, informing your prospective buyers that a short sale is possible indicates flexibility, which is always a good thing. It also provides the buyer with important information concerning the possible timeframe of the sale, which can be a a bit longer in the case of a short sale. (See this related article on the potential delays that can occur during a short sale.)
It’s good to inform your buyer about the fact that the sale may take a bit longer in the event that a short sale is necessary, as you don’t want to lose a sale because the buyer couldn’t wait.
There are a number of unique steps and processes involved when going through a short sale instead of a traditional real estate transaction. You’ll have lots of advantages in this regard when you work with a short sale expert like Kristine Zelazo, better known as The Short Sale Gal.
If you’re seeking to sell your home as-is to an investor or in a short sale transaction, turn to Kristine Zelazo, the Short Sale Gal! Complete the home pre-sale form to provide Kristine with additional information on the property in question. Questions? Call 800.664.0616, x802.