Short Sale Myth Buster
I find much confusion among buyers and many agents when it comes to who controls a short sale property.
The mortgagor or owner of the property still owns and controls the property.
What does this mean?
If an offer is tendered on a short sale property it is still up to the owner whether they choose to forward an offer or contract to the bank. The offer still needs to be a price and terms that are acceptable to the seller. The seller(homeowner) nor the listing agent has any obligation to submit an offer to the bank. It should go without saying that the listing agents fiduciary responsibility is to the seller(homeowner) and not the bank. You will be negotiating contract terms with the homeowner and not the bank.
Many buyers and agents confuse a short sale with a bank owned, REO or foreclosed property where the bank itself is the owner of the property. Think of a short sale as a pre-foreclosure, where the bank has yet taken possession of the property yet it will be headed to foreclosure in a short period of time.
Should I Short Sale My Home Avoid Foreclosure- Know your options including a short sale
Why a Sort Sale?
Free list of non-profits for homeowners facing foreclosure in Massachusetts
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This post was provided by Kevin Vitali of EXIT Group One Real Estate In Tewksbury MA. You can contact Kevin by email at kevin@kevinvitali.com or call 978-360-0422.
If you are facing foreclosure and you would like to know your options, contact Kevin today.
Real Estate Services in the northeast Massachusetts, around the Merrimack Valley, Southern New Hampshire including the towns of Andover, Billerica, Boxford, Chelmsford, Dracut, Georgetown, Groveland, Haverhill, Lawrence, Lowell, Merrimac, North Andover, Newbury, Newburyport, North Reading, Rowley, Tewksbury, Tyngsboro, Westford, Wilmington, West Newbury