There are many of them occurring around the country and even in Jackson Hole lately.
Short Sales are when an owner/seller owes more to their creditor(s) than the property is worth on the open market. Another way to phrase it; it’s when the net proceeds from a sale do not cover the amount of funds the owner/seller owes to the bank(s) and subordinate lien holders.
There’s one in JH scheduled to close today and it has five liens recorded against the property. All of the liens have been negotiated and will be released at closing, so that the Buyer can hold title the property, free and clear of any monetary encumbrances.
Liens are one of a few different obstacles you may come across when looking to buy distressed property. This is just one of those circumstance where having an experience agent on your side could cause you a lot of time and possibly disappointment. Contact me if you would like to discuss your needs and what other possible challenges could arise when considering a short-sale purchase.