Short Sales – a “Win-Win” for Everyone

If a short sale – where the property sells for less than the seller owes on the mortgage – is done correctly, everyone “wins”. The buyer receives a great property at a much reduced price, the seller avoids foreclosure, and the bank escapes with a manageable loss. One key to a the short sale process is patience as only about two out of five short sales are approved by lenders. The offer you make for the property is also critical. Lenders want to minimize their losses as much as possible. If you make an offer tremendously lower than the fair market value of the home, chances are that your offer will be rejected and you will have wasted weeks or months of time. Or the lender could make a counteroffer which will lengthen the process.

The good news? If you have the time, patience, and the will to see a short sale through to conclusion, a short sale can be a win-win for you and the sellers.