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how do I tell which homes are in short sale

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April 19 2010 - Yuba City
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If the listing doesn't state whether it is a Standard sale, bank owned REO, or Short Sale, you can find out in other ways. If you have a real estate agent, you can ask them to pull the tax records on the specific house you are interested in. These records will show how much they owe on the house. If they owe more on the house than it is currently worth, or more than an offer they accept, then they will be asking their lender that lender will accept an amount "short" of what they still owe on the property. The lender would be taking a loss and the seller will have a short sale on their record. Hope this was helpful!
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April 19 2010
It should state in the listing "Short Sale, requires 3rd party approval" or some similar wording. In most cases the Seller is aware and has likely started the SS approval process with their creditors. If it is not disclosed you will have no way of knowing.

Now let's take the unusual situation where you see a home listed for $200K.  The Seller owes $190K.  This is not a Short Sale, but if you were to offer $180K it would become a Short Sale unless the Seller is willing to pay the difference.  In this case the listing would not disclose SS, but the Seller will likely counter your offer with a SS addendum.
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April 19 2010
 
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