Short Sale FAQ's for the Buyer

What is a "short sale"?

A short sale in real estate is when a lender gives permission to a homeowner to discount the value of the home to cover and outstanding loan balance. This usually triggers a quick sale and avoids foreclosure.

Where can I get information on investing in short sales?

First of all, before Zolender.com, there has been no real listing place for short sales. If the homeowner has already gone through the process of getting approval the listing would show up just the same as any other property. Zoolender.com makes it even easier for you to find these listings and see if something works for you.

How can I get referrals from lenders that have clients wanting to do short sales?

Zoolender.com has created several categories for short sales. These includes sales that are waiting approval and ones that have already been approved. When Zoolender.com's sellers are attempting a short sale they will list on the site to get as much exposure as possible.

How does a realtor profit from a short sale?

When formally requesting a short sale commitment from the bank realtor commisions are usually included if the realtor was invovled in the deal. Realtor's can also hunt for short sales, by talking to clients that have had their homes listed for a long time with no success.

I have put and offer in on a home that is a short sale. It took months to get a preliminary acceptance from the but no final approval. No one will call me or my agent back what can I do?

This is actually a common problem sometimes it take a long time to go through this process. The only way to get more information is to call the department at the bank that is dealing with the short sale and request information.  Keep in mind that the information you receive will be limited without the consent of the seller.  You can get an authorization letter from the seller that usually requires notarization. Once this happens you can get all the information you want and usually speed up the process.

Keep in mind that time is of the essence, if you are looking into a short sale you will want to make sure that everything is taken care of before the home goes to auction.