A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower.
A Map of Short Sales Now Available – Individual listing appear below
NOTE: As a Buyer you may get so tired of waiting for short sale approval that you threaten to cancel if you don’t get an answer within a specified time period. That type of attitude is self-defeating and will not speed up the short sale process. If you have little patience, perhaps a short sale is not for you.
The Basics of a Short Sale
Banks grant short sales for 2 reasons: the seller has a hardship, and the seller owes more on the mortgage than the home is worth.
A few examples of a hardship are:
Unemployment / reduced income
Divorce
Medical emergency
Job transfer out of town
Bankruptcy
Death
Writing the Short Sale Offer and Submitting to the Bank
Before a buyer writes a short sale offer, a buyer should ask his or her agent for a list of comparable sales. Banks are not in the business of giving away a home at rock-bottom pricing. The bank will want to receive somewhat close to market value. The short sale price may have little bearing on market value and may, in fact, be priced below the comparable sales to encourage multiple offers.
After the seller accepts the offer, the listing agent will send the following items to the bank:
Listing agreement
Executed purchase offer
Buyer’s preapproval letter and copy of earnest money check
Seller’s short sale package
If the package is incomplete, the short sale process will be delayed. In this event, the bank might even shred the package.
The Short Sale Process at the Bank
Buyers may wait a very long time to get a response from the bank. It is imperative for the listing agent to regularly call the bank and keep careful notes of the short sale process. Following is a typical short sale process at the bank:
1. Bank acknowledges receipt of the file. This can take 10 days to a month.
2. A negotiator is assigned. This can take 30 to 60 days.
3. A Brokers Professional Opionion(BPO) is ordered. The bank probably will refuse to share the results of the BPO.
4. A second negotiator may be assigned. This can take another 30 days.
5. The file is sent for review. This can take 2 weeks to 30 days.
6. The Bank may demand that all parties sign an Arm’s-Length Affidavit.
7. The bank issues a short sale approval letter.
Nashville TN Real Estate and Surrounding Area Specialists
Benchmark Realty, 7107 Crossroads Blvd., Suite 102, Brentwood, TN 615-371-1544
Diane Osowiecki, license #290309 cell - 615-406-2184 email diane@dianeo.us
Mandy Buchholz, license #309437 cell - 615-477-6959 email mandybuchholztn@gmail
Bob Osowiecki, license #325031 cell - 615-878-3902 email bobointn@gmail.com
Short Sales Now Available
Showing properties
1 - 50 of 73.
See more Short Sales.
(all data current as of
5/21/2013)
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$195,000 : 623 Haynes Dr, Murfreesboro4 beds, 3 full baths
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$140,000 : 216 Hollywood Dr, Old Hickory3 beds, 2 full baths
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$205,000 : 5072 Republic Ave, Murfreesboro4 beds, 3 full, 1 part baths
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$625,000 : 9462 Winston Dr, Brentwood4 beds, 3 full, 1 part baths
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$90,000 : 107 Reaves Cove Rd, Columbia3 beds, 2 full baths
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$85,000 : 211 Townes Dr, Nashville3 beds, 1 full bath
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$120,000 : 1105 Brocton Ct, Rockvale3 beds, 2 full baths
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$34,000 : 1704 Rayburn Ave, Columbia4 beds, 1 full bath
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$61,900 : 372 Ardmore Hwy, Fayetteville3 beds, 1 full bath
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$105,000 : 1100 Alicia Ln, Columbia3 beds, 2 full baths
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$80,000 : 230 FRY BRANCH RD, Lynnville4 beds, 2 full baths
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$66,000 : 274 Beeler Rd, Lawrenceburg3 beds, 1 full bath
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$199,900 : 218 Olin McFolin Cove, Lascassas3 beds, 3 full baths
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$61,800 : 130 Sykes Blvd, Tennessee Ridge3 beds, 1 full bath
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$46,900 : 4000 Anderson Rd Apt 64, Nashville2 beds, 2 full, 1 part baths
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$80,000 : 1506 Sprucedale Dr, Antioch2 beds, 2 full, 1 part baths
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$130,000 : 316 25E Highway Old, Castalian Springs4 beds, 2 full baths
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$145,000 : 3326 Perlino Dr, Murfreesboro3 beds, 2 full baths
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$85,000 : 710 N Main St, Mount Pleasant3 beds, 2 full baths
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$56,438 : 3805 Woodward Dr, Nashville3 beds, 2 full baths
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$65,000 : 1360 BELLSHIRE TERRACE DRIVE, NASHVILLE3 beds, 2 full baths
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$250,000 : 1011 Queens Place, Spring Hill4 beds, 2 full, 1 part baths
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$128,900 : 766 Rack Ct, Murfreesboro4 beds, 3 full baths
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$97,000 : 2911 Davis St, Nashville2 beds, 1 full bath
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$45,000 : 900 42ND AVE N, NASHVILLE2 beds, 1 full bath
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$65,000 : 332 Rayon Dr, Old Hickory2 beds, 1 full bath
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$149,000 : 1114 Allenwood Dr, Ashland City4 beds, 2 full baths
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$119,900 : 521 Karstridge Rd, Smyrna3 beds, 2 full baths
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$225,000 : 3127 York Rd, Pleasant View4 beds, 3 full baths
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$169,900 : 138 Switchboard Rd, Portland3 beds, 2 full baths
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$290,000 : 5000 Burke Trl, Nolensville4 beds, 2 full, 1 part baths
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$109,000 : 216 Woodland Dr, Shelbyville3 beds, 1 full, 1 part baths
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$250,000 : 108 Camilla Ln, Murfreesboro3 beds, 2 full, 1 part baths
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$180,000 : 2419 Creekhill Ave, Murfreesboro3 beds, 2 full baths
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$72,000 : 7029 Alon Babayan Arch, LaVergne2 beds, 2 full, 1 part baths
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$220,000 : 620 Copper Ridge Trl, Antioch5 beds, 3 full, 2 part baths
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$87,500 : 66 Sandstone Ct, McMinnville3 beds, 2 full baths
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$99,500 : 71 Dogwood Ct, Tullahoma3 beds, 2 full baths
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$69,000 : 115 DONALD ST, Nashville3 beds, 1 full bath
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$124,900 : 395 Adams Rd, Shelbyville3 beds, 2 full baths
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$116,500 : 904 Lawrence St, Old Hickory3 beds, 2 full baths
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$163,500 : 105 Navajo Ct, White House3 beds, 2 full, 1 part baths
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$55,000 : 109 Orchard Dr, Bell Buckle4 beds, 2 full baths
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$110,000 : 3222 Torbett St, W, Nashville1 bed, 1 full bath
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$759,000 : 685 Legends Crest Dr, Franklin5 beds, 5 full, 2 part baths
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$218,900 : 2591 Sowell Mill Pike, Columbia4 beds, 3 full baths
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$65,200 : 1525 Luton St, Nashville3 beds, 2 full baths
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$240,000 : 1132 Wedgewood Dr, Franklin3 beds, 2 full, 1 part baths
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$34,995 : 2114 14Th Ave N, Nashville3 beds, 1 full bath
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$197,000 : 7 Windwood Dr, Fayetteville3 beds, 2 full, 1 part baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.
