Buying a Short Sale Home in Birmingham Alabama
What is a Short Sale?
A short sale can be an excellent solution for Birmingham AL homeowners who need to sell, and owe more on their homes than they are worth. There are also great opportunities for homebuyers to get an excellent deal on a home. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, we have found that banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.
But to be technical, here's a more official definition:
- A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
- A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.
This seems simple enough, but it is a complicated process that usually takes 60 to 90 days to close and that is why you need the expertise of experienced short sale professionals. We are one of the few Birmingham AL Realtors to hold the Certified Distressed Property Designation and we have lots of experience helping homebuyers through the short sale process.
Contact us anytime to learn more about purchasing a short sale property