What's the short on short sales???
Do you know how a short sale got its name?
When the owner accepts an offer for his house that is for LESS than what he owes - and the bank accepts it - it is called a "short sale" The sale price is short of the full amount of the mortgage
Now, do you know why short sales fail? Here are some interesting numbers
1. 4% fail because the buyer cannot get finance
2. 4% fail because the appraisal does not support the sale price
3. 10% fail becuase the second lien holder won't sign off
4. 67% fail because of red tape/indecision on the part of the LENDER!!
If you are a buyer or a seller in this short sale or foreclosure situation, make sure your Realtor is knowledgable in this area. She can be a huge help to you in getting through the process!