One of the most popular real estate questions I receive is “What is a Wellington Short Sale?” Short sales have existed for a long time, but they did not start becoming common place in Wellington Florida until 2007 to 2008, so it is normal for buyers and even sellers not to know or understand what a Wellington Short Sale is.
A Wellington Short Sale is when a seller owes more on their home than it will sell for in today’s real estate market and they ask their lienholder(s) to accept less than what they owe.
Much like a buyer obtaining financing may have a “loan contingency” a seller will have a “short sale contingency.” So once the Wellington short sale seller accepts an offer it will be contingent on receiving approval from their lienholders in order to sell their home. Some lienholders will agree to accept less and approve the short sale with or without conditions and then there are lienholders who will not approve the short sale.
To find out whether or not the Wellington short sale sellers lienholder(s) are going to approve or deny the short sale could take several months, possibly over a year. If the Wellington short sale is approved the short sale approval letter will give the buyer and seller a deadline to close, which is usually 30-45 days from approval date. Buyers who cannot wait for short sale approval or cannot close when the bank is ready should eliminate Wellington short sales from their home search.
Buying a Wellington short sale can be risky with all of the unknowns, but the only risk short sale buyers often face is the loss of time.
If you are looking for a Wellington short sale agent contact us today for all your short sale needs. Our team assists Wellington short sale sellers along with buyers, educating them every step of the way.