Short Sales are the Best Option When Buying a Second Home
NASSAU, BAHAMAS – In today’s economic climate, the media has put a lot of focus on short sales. While the foreclosure process is a fairly well understood practice, the short sale process is not and people are left wondering what they are, said Rachel Pinder, principle broker at Island Living Real Estate.
According to realtor.org, a short sale is when a lender agrees to accept a mortgage payoff amount that is less than what is owed to facilitate a sale of the property by a financially distressed owner. The lender forgives the remaining balance of the loan.
“Short sales can be a very big hassle, but the up side is getting a property for a substantial discount,” said Pinder, who specializes in Bahamas beach rentals and Bahamas relocation. “However, the process should not be taken on alone. Buyers will need the assistance of an experienced agent who has a good track record with short sales.”
For buyers looking to purchase a second or third property, a short sale may be the perfect match, said the villa rental professional. This type of buyer typically has no move-in deadline, which is best when dealing with short sales, as the process can take anywhere from three to 12 months to close.
