A Short Sale is when the Home Owner owes more money on their property than it’s worth. Thus, they can’ t sell the property without their bank’s assistance. Every Short Sale is different and all things depend on how the banks that you are dealing with handle a Short Sale. The basic idea is that the bank is agreeing to forgive the balance owed on the loan, and therefore has to agree with the sales price. Clearly they want as much as possible and it’s the Realtors job to help the bank clearly determine the value of the property. If the home as been on the market for a long time and no offers have been made, this shows the bank that the price is too high. Comparable sales can also demonstrate the value. But remember – the bank doesn’t have to take your offer even if it is full price. Below are details on Newbury MA .
Newbury MA Short Sales
If you make an offer on a short sale property, I will include in the offer that you have the right to withdraw your offer at any time prior to the bank’s acceptance, so you aren’t tied to the house for three months and can continue to look. It is most common in communities that have seen real estate values suffer larger losses. We see plenty of short sales in Newbury.
Newbury MA Real Estate
For more information on Newbury MA Short Sales in Newbury MA, contact John Wells at Wellsco Realty by calling 978-518-1481 or emailing email@example.com.