Monday, April 15, 2013

What is a Short Sale?

Short Sales Are Usually Long

You've heard the term short sale but what does it really mean?

Short sales occur when a lender agrees to accept less than what is owed by the homeowner to pay off the mortgage.  A short sale will ding the seller's credit but not as hard as a foreclosure would.

Banks have been encouraged by the federal government to approve more short sales in order for sellers to avoid foreclosure, but in reality the lenders drag their feet, causing the sale to take up to 6 months to get to closing.  Many potential buyers get tires of waiting and move on to a different home.

If you're interested in short sales, either as a buyer or a seller, give me a call.  I'm CDPE certified, that's a Certified Distressed Property Expert!  No really, there is a program for that.

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