Short sales are homes for sale that need the seller's bank to approve the sale before the home can be sold.
The seller of a home being sold as a short sale typically has some hardship happening in their life that is causing them to need to sell the home. The seller of a short sale owes more on the loan than the home is currently worth and so the seller's lender needs to approve the "SHORT" sale of the home. They are nicknamed the "long" sale since they can take a long time to get to closing.
We will talk about this to see if this is a good fit for you. The savings can be nice but there are drawbacks and you need to have a good buyers agent to inform you up front. It is always a good idea to know the caliber of the listing agent before you get involved in purchasing a short sale. Short sales are the trickiest transaction out there now and an experienced agent working on your behalf can make a huge difference in whether you benefit or suffer when buying or selling a short sale property.
Yes and No, If you can qualify to buy the short sale without selling your current home and you do not mind owning 2 homes for a short time, then sure. If however, you need to make the short sale purchase contingent on the sale of your current home then no, the seller's bank will not approve the short sale. Short sales are typically purchased by buyers who are currently renting and are flexible on when they move.
We have sold many short sales in Loudoun County and dealt with many banks in negotiating short sales on our sellers behalf and can help you buy or sell a short sale property. If you have questions please contact us.