![]() ![]() Talk to your agent for more details about short sales, and to determine how you can tell the success-prone short sales from those that are less likely to close.ģ. Short sales are often described as “subject to bank approval,” which simply points out the obvious truth about these transactions, that the seller has very little control over whether the bank will allow the transaction or what price and terms the bank will approve of, and that the transaction might very well take the better part of your natural life could take 6 months or longer to close. S/S, Subject to bank approval: What once stood for stainless steel is now being used to describe a short sale – a property whose seller anticipates will net them less than they owe on the home. Oh, yeah – and it might also involve one more thing: a great deal.Ģ. It also signals that buying this property will involve doing a deal with the bank possibly dealing with a different escrow timeline, offer process or contract forms than a non-REO sale and almost always taking the place in as-is condition, among other things. REO: Real estate owned by the bank/mortgage servicer, this acronym refers to homes that were foreclosed and repossessed by the former owner’s bank. ![]()
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