Speed up the closing date of your short sale by making your offer as contingency free as possible. Submit your mortgage approval with the offer. Contribute a substantial deposit to prove your good intentions. In a short sale, the bank or mortgage lender does not evict the homeowner.
Instead, the lender allows the current owner to sell the home for less than their mortgage debt. It's entirely possible to negotiate a short sale, but doing so can be a time-consuming process. Instead of negotiating only with the seller, as is the case with most traditional sales, short selling negotiations must also be approved by the lender. The addition of another part to appease makes the process a little more laborious.
To negotiate a short sale, the respective buyers will need to know how to work with landlords and lenders. The next section will cover best practices on how to negotiate your own short sale. Like finding a good agent, finding a lender and getting pre-approved for a mortgage is an important step in buying a home. Pre-approval gives credibility to your purchase offer and speeds up the closing process.
A short sale is the sale of a home in which the originator of the loan grants the owner permission to sell the property in question for less than what is owed in the current mortgage.