Short Sales
BOSTON MADE / PROPERTY PERSPECTIVES / 01
Short sales.
The longer view.
Understand the transaction before you fall in love with the property. A Boston Made field guide for a more informed next step.
What does “short” mean?
A short sale is a home sale whose proceeds fall below the outstanding mortgage balance. It requires agreement from the lender or servicer. The name describes the shortfall, not a promise of a quick sale.
Approval and the treatment of any remaining debt need careful review. Start with the actual documents and qualified advice, rather than assuming the asking price tells the whole story.
Source: CFPB short-sale guidance ↗CHOOSE YOUR PERSPECTIVE
Where are you starting?
Build a purchase file.
Ask about lender approval, inspection access, title review, financing deadlines, and the circumstances under which your deposit is refundable. Keep the answers with your property comparison.
Know what is approved.
Ask your agent which terms have written approval and which remain under review. Record the source, date, and conditions of each answer.
Look past the photos.
Organize inspection questions, repair estimates, occupancy information, and title questions. Flag anything that has not been independently checked.
Budget the whole project.
Estimate purchase price, closing costs, repairs, holding expenses, and a reserve. Keep estimates distinct from quotes.
Open your property workspace ↗Your questions, organized.
Questions for the listing professional
- What is the current status, and when was it confirmed?
- Who must approve the transaction?
- What documents or conditions remain outstanding?
- What inspection access is available?
Questions for your lender
- Does the property’s condition fit the proposed financing?
- What happens if the timetable changes?
- Which expenses are financed, and which require separate cash?
Questions for your attorney or tax adviser
- How are liens, title issues, and any unpaid balance addressed?
- What contingencies and deadlines are in the agreement?
- What legal or tax consequences apply to this transaction?
Keep a working note.
Notes stay in this browser only.
General educational information, not legal, tax, lending, or investment advice. No live short-sale feed is connected. Boston Made does not verify a transaction or guarantee approval, timing, or returns.
