Welcome to the Short Sales section of my web site. Short Sales are specifically for a buyer who has lots of patience and is no hurry. Many times short sales can take 3 months or longer just to get the approval from the bank. Selling agents can make or break the deal, depending on how well they are able to negotiate and communicate. Short sales are homes that are moving into the process of Foreclosure.
Advantages
- The seller takes less of a hit on their credit.
- The seller stays in the home until closing.
- The buyer gets a non distressed house that has been occupied throughout the sale.
- The buyer gets the home at today's decreased lower prices.
- The bank doesn't take possession of another home it doesn't want.
- The bank doesn't pay the big money it takes to go through a foreclosure.
Disadvantages
- The entire process sometimes takes a long time, 6-9 months or longer.
- The buyers have to wait a long time for the approval, most lose patience and move on.
- The seller's agent must be excellent at negotiation and communication to close the deal.
- The lenders have not been equipped to deal with this type of business at this high volume.
- The sellers often have tax repercussions if there is a second mortgage on the home.
- Due to the amount of variables, most short sales do not successfully close.
