How a Columbia SC Short Sale Can Unravel
Although selling a Columbia SC house for less than the amount owed on the mortgage (aka a Columbia SC short sale) has become more and more commonplace these days, such sales are packed with complications that can cause the deal to unravel.
Things to Watch for With a Columbia SC Short Sale
Often times, the house is not advertised as a Columbia SC short sale because the seller doesn’t have the authority to do so. It’s all up to the lender.
Many lenders will not even discuss a Columbia SC short sale with a seller until a purchase contract is in place. That simply means the buyer who makes the first offer is really more of a guinea pig, because nobody knows whether the lender will even accept a short-sale offer.
A Columbia SC short sale is sometimes listed at a “ridiculously low price” just to get the ball rolling. Sellers may agree to any offer just so they can begin negotiations with the lender. Since the seller in a Columbia SC short sale won’t be taking any money from the sale, they may be eager enough to get out from under the mortgage they will accept just about any offer. But the lender holding the mortgage has the final say as to whether that low-ball offer will be accepted or not.
A Columbia SC short sale can be a long, drawn out process, especially if the seller doesn’t have his paperwork in order. Again, it’s imperative to remember, the lender can change the rules at any time during the process, forcing everyone to start all over again.
Many times, lenders will approve a short sale offer, but they set the date you must close so close to the date they approve the sale, the buyer doesn’t have time to get all of their ducks in a row, like getting a home inspection, finalizing their financing, etc., making the whole Columbia SC short sale process a trying time on everyone’s patience.
Talk with us before you entertain the idea of making any offers on a Columbia SC short sale. We may be able to save you a lot of time and frustration in the process by helping you be more aware of circumstances surrounding the property that is for sale.