Buying a Short Sale? The Bank Approval Landmine
Buying a Short Sale? The Bank Approval Landmine
When you make an offer on a property that is a short sale, the current owners might be eager to work with you, but the bank always isn't.
Every short sale contract contains a contingency that states that the sale must be finally approved by the lending institution. So even if the bank has said yes before, it may come back to the lendee and get a better deal for itself.
With all of these landmines, it's easy to see why short sale deals have a high failure rate. If you want to protect yourself, it's important to work with an experienced real estate professional.
For More Information:
Kim Kroner Realtor - Associate Broker
Top Producer - NVAR Multi Million Dollar Sales Club
Member - Long & Foster Chairman's Club
Long & Foster Christie's International
kim@kimkroner.com
(703) 946-2526
(800) 9611328
www.kimkroner.com
309 Maple Ave W. Vienna, VA 22180
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