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Short Sale Drawbacks!

By
Real Estate Broker/Owner with Kolsky Realty & Management 01311273

Short Sale Drawbacks!


Short Sale Drawbacks!Basically, what and does take effect in the short sale the homeowner concedes to sell the property for (example) $100K, but the owners owe $150K to the bank, $50K is "short" or "outstanding" which means the bank takes a loss of $50K plus selling fees, etc.

 

In the banks infinite wisdom, the bank decides during the long drawn-out process, "the contract price of $100K is agreeable; but the homeowner should be accountable for some part of the $50K loss they're incurring in the sale. Which then becomes a crap shoot for the seller to pony up the cash, and if the owners say's no, then the bank won't approve the short sale killing the deal on the spot.

 

The other item the buyer endures undergoing a short sale is the scenario that allows the seller time for other exit strategies- Subjectively I know of numerous agents who decline to negotiate on a short sale for their client - despite the peril of squandering the client – it’s on account of the buyer is powerless over the process, and there is at no time a guarantee that the buyer gets fair treatment, and “by the way” there are no guarantees that the banks will be swift with their ruling. When you hear any guarantees like that "from a listing agent it is not useless information that is a misrepresentation"


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Here’s a look at Long Beach California.

http://www.longbeachhomesrealestate.com/community/area/Long+Beach/

  

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JON KOLSKY

5320 E 2nd St #8, Long Beach, CA 90803

License: 01311273   Phone: 562-225-2296 | Fax: 562-439-0511

Email: jmkinfo66@gmail.com

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In any Real Estate market you need a highly seasoned REALTOR®. Jon Kolsky is an exclusive Long Beach REALTOR® adding the unique touch as an investor in Real Estate; Jon understands what it takes to be a long-time successful investor in Real Estate. Jon understands Long Beach; “he’s the go to REALTOR® specializing in Long Beach Real Estate: Downtown Long BeachBelmont ShoreNaplesPark EstatesBixby HillSignal HillWrigley HeightsAlamitos BeachLakewood PlazaSeal BeachRossmoorLos AlamitosHuntington Beach 

Comments (2)

John G. Johnston
John G. Johnston & Associates, LLC - Westcliffe, CO
An Exclusive Buyer's Agent ~ Westcliffe, CO

Jon  I live in fear of a client finding a short sale.  I have sold several foreclosures and dealing with Homepath or Homesteps is bad enough...but the 3 ring circus of a short sale would give me nightmares.

Dec 21, 2012 04:06 AM
Jon Kolsky
Kolsky Realty & Management - Long Beach, CA
Licensed California Real Estate Broker

John~ you and I both agree, 3 ring circus for sure...Thanks!

Dec 21, 2012 04:23 AM