Sarasota Real Estate Short Sale Reality Check

With buyers returning to the Sarasota real estate market, we are finding that short sales are as misunderstood as ever. Since they are a reality in the Sarasota real estate market, lets take a look at the facts.

1) A short sale is not bank owned. The seller of the property is still the person who purchased it and holds a mortgage. However, a bank does have to approve the deal – thus there are two steps – acceptance by the seller, and subsequent acceptance by the lender.

2)  The bank is not in any hurry to sell the home at sharply discounted rates. They are willing to listen to offers that reflect market value or perhaps go a bit lower. But a bank is not generally interested in 50% of market value. Remember, they do not own it yet - this is not a foreclosure.

3) Short sales, even with improved processes, are still anything but short. Expect a long wait for an answer, a long wait for paperwork, and a long wait for closing. If those time frames can be shortened up, that will be a bonus.

4) Banks play by their own  rules. They can wait as long as they like to answer, or not answer at all. They can accept and consider as many offers as they like, regardless of what order they came in.