Short Sales – There’s Nothing Short About it

A short sale is a property that will sell for less than the balance owed on the mortgage. If the seller is going through hardship, owes more on the property than the value of it, then it can be a short sale. A short sale can be a way to get a great deal on property, but the buyer needs to be aware and informed. Banks will only accept a short sale if it is in their best interest financially, and deemed better than foreclosure on the property. Banks are under no obligation to approve a short sale. Depending on the bank, it can take 2 weeks to several months to get an approval (or not), and in the meantime, even if the buyer is able to wait, there could be snags that are unforeseen. The best advice is to work with a Realtor who has experience in short sales. Your Realtor will act as a guide for you, and protect you in these unfamiliar waters.