Listing price may not be sufficient to cover all encumbrances, closing costs...

When you are out buying a home, a little phrase that can help you identify a short sale opportunity can sometime be found the property description.I have been asked frequently lately what does "Listing price may not be sufficient to cover all encumbrances, closing costs, or other seller charges and sale of property at full listing price may be conditioned upon approval of third parties" mean in the MLS listings.This is the standard language (sometimes worded a bit differently) that our Multiple LIsting Service (MLS-database of home listings) asks to be placed in listings where the seller is selling the home as a "short sale". This language can be found in the realtor remarks as well as the description of the house. Short Sales can be a great opportunity for a buyer to acquire a property for less than previous owner owes on the property. There are many caveats to buying a short sale that a buyer should be aware of.....and usually patience and flexibility are the biggest requirements. For more information visit http://www.UniqueTampaHomes.com/shortsale