Madison Short Sale Properties
Curious about buying a short sale property in Madison, Wisconsin? You've come to right place. Browse all Madison area short sale homes, lots, and acreage in one handy view below. Our listings are always up-to-date with the current inventory in Madison and across all of Dane County. If you're like many other buyers, you have questions about the process of buying a short sale home. We're here to answer all of your questions. For more information, check out the rest of our guide below, or contact us with any question that is on your mind. We're here to help.
Looking for a short sale condo? Visit our short sale condo guide here.
Dane County & Madison WI Short Sale Listings
Dane County & Madison WI Short Sale Listings
Recent Short Sales in Madison & Dane County
|Address||Sold Price||Sold Date||Bed||Bath||Sqft.||Price Per Sqft|
|2821 Coolidge St||$95,000||2020-01-03||3||1.00||1272||$75|
|1173 Dolan Dr||$399,700||2019-12-20||4||3.00||3765||$106|
|5154 Loruth Terr||$200,000||2019-06-14||3||1.50||1232||$162|
|5831 Schumann Dr||$375,000||2019-04-19||3||3.50||4250||$88|
|1237 St Albert The Great Dr||$207,400||2019-03-12||3||2.00||1709||$121|
Dane County Short Sale Property Statistics
- With Accepted Offers: 0
- Without Accepted Offers: 1
- Total Active Listings: 1
- % with Accepted Offers: 0%
- Months of Inventory: 2.4
Sold 02/26/2019 - 02/26/2020
- Total Sold Listings: 5
- Highest Sold Price: $399,700
- Lowest Sold Price: $95,000
- Average Sold Price: $255,420
- Median Sold Price: $207,400
* Source: IDX Active & Sold Listings
* Property Types: Lots & Acreage, Single Family
Short Sales Explained
A "short sale" occurs when a seller negotiates with his lender to accept less than what is owed for the home at closing. When the new buyer closes on the home, the property is said to be "sold short" because the purchase price is lower than the combined amount of the mortgage balance, commission fees and closing costs.
This means there are two negotiations that occur in a short sale:
- the negotiation between buyer and seller, and
- the negotiation between seller and the seller's lender.
If you're thinking of buying a short sale property, we recommend you hire a seasoned buyer agent to guide you through this sometimes complex process.
More about the Short Sale Process
Because there are two separate negotiations that occur in a short sale, the process of buying a short sale property can take much longer than the traditional real estate transaction. Here is how the short sale process occurs in five main steps:
- The buyer and seller agree to terms in the offer to purchase, including a contingency stating that the offer to purchase is also subject to the approval of the seller's lender.
- The seller's listing agent then submits the offer to purchase and other paperwork to the seller's lender. Included in this paperwork is market data which demonstrates the value of the property in the current real estate market. Also included is the seller's justification for the short sale, which typically includes evidence of financial hardship. A note to sellers: this is a very important step. We recommend you select an experienced listing agent to represent you during your sale.
- The lender reviews the paperwork. Depending on the lender involved and the circumstances of the sale, this step can be rather lengthy. If the lender is a large, multi-national bank this step can take up to several weeks or more to complete. If the lender is a local Madison bank, this step can be completed in a matter of a few days.
- If the terms in the offer to purchase are acceptable to the lender, the remaining contingencies in the offer to purchase (for example, financing and inspection) are carried out by the buyer.
- The seller also negotiates the resolution of deficiencies with his lender and other lien holders on the property. A second note to sellers: this is another very important step. We recommend you hire an experienced attorney to assist you with this part of the process.
Searching for Madison Short Sale Properties
We make it easy to customize your search for short sale real estate listings in Madison or any other Dane County location. Visit our Real Estate Search page and select Short Sale from the Foreclosures search filter. Then use any of our remaining real estate search filters to focus your search.
Within our listings the Short Sale field under Additional Information will be set to Yes for every short sale real estate listing on our website.
We have the experience and expertise to help you successfully buy a short sale listing in Madison or any other Dane County location. Contact us 365 days a year with your questions and requests for property tours.