“Short pay” or a “short sale” refers to a situation where what it will cost the seller to “get out of the property” is more than the market value of the home. This includes mortgages, any taxes owed, closing costs etc.
Short sales can be very difficult, oh let´s be honest; mostly they suck for everyone involved. There are many reasons that make a short pay a better choice than foreclosure for a seller but that is something each person needs to discuss with an attorney or tax professional.
What does it mean to a buyer? Well, if you are in a hurry to move a short sale is not for you. If you hate to HURRY UP and WAIT don´t put an offer on a short pay. If you think that once the seller accepts your offer the house should be yours, not going to happen. Everything is a little bit harder and takes a little bit longer when buying a short sale and even after jumping through all the hoops you may not get the home.
If you are brave of heart and are still interested in looking at some short sales including listings in Studio City and Sherman Oaks just click the link below and see what is available in your area (if an area you are interested in is not listed just contact me and I will see what I can do for you). Keep in mind as you browse these listings that the list price may not have been OK´d by the lender yet and you may not get the property at that price. Good Luck!