A Short Sale is when a homeowner is asking lienholder(s) to forgive part of the debt owed on a home.
It is a sale contingency, which means that the executed contract & sale is contingent on the third party lienholder(s) approval. It should be looked at no differently than a financing contingency, home inspection contingency, appraisal contingency or any other contingency listed in the purchase agreement.
Many people think that the lienholder(s) have control in executing the contract but that thought is false. The short sale sellers still have complete control of decisions made on the house, the lienholder(s) just send them price, terms and conditions that they will have to approve to complete the short sale.
A short sale is an extremely complicated type of contingency and sellers and buyers should ask many questions before they list their home or write a purchase agreement as a short sale. Â Many short sale buyers and sellers get very frustrated in the middle of the short sale transaction because they are not educated well enough about the process.
You can read more about purchasing a Las Vegas short sale right here.
You can read more about listing a Las Vegas Short Sale right here.
If you have any questions and you are not already tied to a Las Vegas area real estate agent, I will be happy to answer them via email or phone.
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