Besides knowing what a Wellington Short Sale is it is also important for a buyer to understand who they will be negotiating with when they submit an offer on a Wellington short sale.
The Residential Contract for Sale and Purchase is between the buyer and seller, who is still the owner of record, NOT the short sale bank. While the short sale bank ultimately needs to approve the short sale in order for the home to be sold, they are not a party to the actual contract.
So when a buyer submits an offer on a Wellington short sale they will be negotiating with the seller, who can accept, counter or reject any offers they receive. Once the short sale seller comes to terms with ONE buyer they will then submit the executed contract to their lender(s) for final approval.
If you are interested in purchasing a Wellington short sale and need an experienced short sale agent contact me today!