What is a Short Sale?

Published On: February 3rd, 2018|Categories: Blog, Buying|Tags: Short Sale|

If you’re like many people exploring homes for sale in Aspen and the surrounding communities, you’ve seen listings for short sales – but what are they, and should you buy one?

What is a Short Sale?

The term short sale refers to a property being sold at a price lower than the amount the owner owes his or her lender.
The lender has to agree to a short sale because, after all, the lender is losing money. Usually, lenders will only agree to a short sale when the home is in danger of foreclosure (a bank can’t do anything with a repossessed house except sell it, which costs money and requires a significant amount of time).

Should You Buy a Short Sale?

Short sales go on the market because the owner can’t afford them. They’re usually as-is sales, so you won’t have much (or any) room to negotiate the price or to ask for repairs. If the home inspection doesn’t turn up anything you can’t live with or that you can’t repair yourself, then it may be a good buy.

Are You Buying a Home in Aspen or the Surrounding Communities?

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