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If you are looking to purchase a home in Wellington FL you might have heard or seen the word “short sale.” A short sale is when the seller of the property owes more on their home than what it is worth in today’s real estate market and needs third party approval from their lienholder(s) in order to sell. This approval or denial process can take several weeks or months.
Just like purchasing a traditional sale (home with equity) you would negotiate with the seller since they still own the property. Once you and the seller come to terms, both parties execute the offer by signing it. The seller would then submit your offer to their lienholder(s) for approval, but keep in mind just because you and the seller agreed on terms does not mean their lienholder(s) will agree to those same terms.
Not all short sales will be approved and those that are approved may have conditions that the seller may or may not be willing to meet or agree to. Unfortunately there is no way to determine how long this process will take, but typically the more lienholders the longer it will be.
After going under contract on a Wellington FL short sale you and the seller will now wait for short sale approval or denial. BOTH parties need to have PATIENCE during this time, which once again can take several weeks or months.
If you do not have patience to sit and wait for short sale approval or denial I do not recommend pursuing a Wellington FL short sale.
If you no longer want to sort through properties that don’t fit your needs fill out our Buyer Questionnaire below. By doing so we will be able to send you a list of homes that fit your needs and keep you up to date on all new listings as they come onto the market.
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