Cincinnati Real Estate

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Kathy S. Koops GRI

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Cincinnati Short Sales

filed under: Foreclosures & Short Sales posted on April 16th, 2013

Cincinnati Short SalesShort sales are part of the real estate business in home and condo sales in Cincinnati.

The term “short sale” refers to a sale where the mortgage holder owes more than the property is worth- and the lender agrees to accept less than what is owed. The lender agrees to be “shorted”. However while the process of “short sales” has improved (somewhat) over the last few years-many sellers and buyers find themselves at the mercy of unseen and unknown “processors” working for the lenders.  According to the latest numbers from the Multiple Listing Service of Greater Cincinnati (thru 02/13) 27% of the single family homes and condos listed and 38% of the sales have “Lender Involvement”- so chances of bumping up into a short sale are pretty good in the greater Cincinnati real estate market.

Fannie Mae “HomePath” has instituted a clear cut path to streamlining sales of  “Fannie Mae” backed mortgages and while this impacts lots of buyers and sellers- it really time for any lender with more than 50 distressed sales a year to jump get organized and become responsive to market demands.

Sellers who need help with a short sale- make sure to use an agent who not only understands the ins and outs of the entire process but also knows when to refer you to short sale and/or foreclosure professional for legal guidance.  Lenders require extensive paperwork prior to approving the seller’s request for a short sale so you cannot bypass the paperwork and hope that a buyer will wait while you secure approvals.

Buyers, who decide to purchase a “short sale” need to be patient and understand that many of the problems are beyond the control of either agent and/or (sometimes) even the seller.

Need more information about “short sales” or help navigating your way through the process -Click here to to Call: 513-300-4090,by email .or sale, sibcycline.com

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