A short sale happens when a homeowner sells their property for less than what’s owed on the mortgage, with the lender agreeing to accept the shortfall rather than pursue foreclosure.
Why a seller pursues a short sale
Homeowners facing financial hardship – job loss, medical expenses, divorce – may owe more than their home is currently worth. A short sale allows them to exit the mortgage with less damage to their credit than a foreclosure would cause.
What makes it different for buyers
Short sales require lender approval in addition to the seller’s acceptance, which can significantly extend the closing timeline – sometimes several months. Properties are typically sold as-is, with little room for repair negotiations.
Is it a good deal?
Short sales can offer below-market pricing, but the extended timeline and as-is condition mean they’re best suited to patient buyers who aren’t on a tight moving deadline.
Work with an experienced agent
Short sale transactions involve extra paperwork and lender negotiation that a general agent may not be familiar with.
Curious about a short sale property? Call Dockside Realty at 850.225.9785 or email christine@docksiderealtyinc.com.