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7 Year Long Sale I Mean Short Sale
Last year on April 18th, 2013 my Broker let me re-new an expired listing that was already listed with Kauai Dreams Realty. I was so excited because this was my first listing ever. Little did I know about short sales at the time but I was determined.
A short sale is when the bank agrees to sell the property for less than the loan amount. In this case the owner bought the condo during the peak of the market. After the economy dropped the condo was worth way less than her loan amount and she couldn’t afford to pay the mortgage.
The owner had purchased the condo in 2005 and according to the MLS has been trying to sell it since 2007! It was previously listed with a different Kauai Brokerage before being listed with Kauai Dreams Realty. She was trying to do a short sale to avoid foreclosure. One of the main benefits of doing a short sale is that the bank usually agrees to not come after you for the deficiency. For example: if a property was purchased at $400K but now it is only worth $200K the bank agrees to not come after the owner for the extra $200K ... more

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