What's the short on short sales???

Posted By Georgia Bell @ Jan 15th 2010 4:16pm In: General

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!


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