If you have bought or sold a house in the past 6 years, you likely know what a short sale is. Maybe you bought one. Maybe you worried that you would have to do one if you couldn’t get enough money when you sold your house. Maybe you tried to buy one and had your heart broken.
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Short Sale simply means that a seller owes more on their house than they can sell it for. If a seller must sell (divorce, relocation, financial hardship) they will put it on the market anyways, then try to get their bank to take less for it than they are owed. SPOILER ALERT: Banks LOVE this. Just kidding. They don’t like it, but because of the housing crisis they have been doing a LOT of short sales. The process HAS IMPROVED with many banks over the years, but the fact remains, NOT EVERY REALLY ESTATE AGENT is qualified to list a short sale. Personally, I refer to a couple of listing agents who are TRUE SPECIALISTS an know how to deal with banks.
If you’re a buyer, watch the video and get educated. If the house of your destiny is a short sale, awesome, just gird your loins! 🙂 If you’re looking to sell your home and think you might be short, contact me.
