Short Sales... Not so Short!

Real Estate Agent with RE/MAX Regency

I get many questions regarding short sales, sometimes the same questions from the same people.  What exactly is a "short sale" again? 

It's o.k. I tell them, it sounds too easy to be true.  A short sale is when the seller of a home is selling their home "Short" of the market value.  For example, a seller owes $300,000.00 on a home that will only sell for $200,000.00.  They are "short" $100,000.00.

I then explain about the one big problem, getting the bank to approve the short sale.  Of course, there are many other problems, ie:  the agent keeping the property active so other agents will continue to show and submit more offers to the bank, the seller changing their mind, the bpo(broker price opionion) coming in too high etc...

I tell all of my buyers who want to purchase a short sale, 'I will only let you write an offer on a sort sale if you can be patient and willing to wait and wait and wait...

They tell me after 3 months of waiting, "A short sale is not so short"!



Comments (2)

Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Good evening Julie and a very belated welcome to Active Rain.  Kudos ma'am on your first post and I hope that we will be reading more from you in the near future.

Dec 21, 2009 10:56 AM
Letitia Stevenson
BHHS Fox & Roach | - Greenville, DE
Listing Agent DE/PA/MD, Digital Marketer & Coach

Julie, Welcome to Active Rain! Active Rain is a great place to share your knowledge, expertise and thoughts, as well as network and learn so much from the vast pool of talent already onboard.

Welcome Aboard and Much Success!

Dec 23, 2009 07:54 AM