Asked by: Jim Passonreal estate real estate buying and selling
How does quick sale work?
Last Updated: 18th February, 2020
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In this regard, what does quick sale on a house mean?
Known as a "quick sale," it's the sale of a property that's in its defaulted mortgage's preforeclosure period. Peforeclosure is the time between mortgage default and foreclosure sale and is really a lender's grace period for borrowers. Speedy sales of homes in preforeclosure are called "quick sales."
Beside above, are Sell Quick any good? Sell Quick has no independent online reviews from previous customers, and so there is little information on their past sales and customer feedback. As with most fast cash buyers, Sell Quick will offer less than the open market value for all properties, in return for a fast and hassle-free sale.
In this regard, how long does a quick sale take?
From that point to the time of short sale approval, the average timeline is about 60 to 90 days. It means 30 days to sell + 60 days for approval + 30 days to close escrow = 4 months, on average.
Is it a good idea to buy a short sale house?
A short sale results when sellers don't receive enough cash from buyers to pay off their mortgages. This might sound like a good deal for the buyer, but these homes usually sell "as is" and can take longer than usual to close.