Pittfalls of Short Sales

Posted By Marshall Walker @ Apr 28th 2009 7:36am In: Short Sales and Foreclosures

Ins and Outs of Short Sales

Please read this article in the Charleston Post and Courier Real Estate section.  Click Here

Please note-

Definition of a short sale is

A sale where the proceeds do not cover the lienholders lien - important to note that a short sale does NOT have to involve a bank - Please call if you have questions.

Second - please be aware of agents who will "put your home under contract" so that they can start bank negotiations....there may be a time and place for these actions but banks may now consider it a "flip" and even intent to defraud the lienholder. Some banks such as Suntrust will make short sales contingent upon an agreement that the home will not be "flipped" and if it is resold withing a certain time frame the profits from second sale will go to the bank ....I see clouds on the horizen!!! 

Beware of Short sale flippers!!

By the way - our MLS does NOT allow listings that are "options" or otherwise to be listed - only deeded and titled owners can sell a home on our local MLS.

 


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