For all you buyers that want to know about short sales..

By
Real Estate Agent with REMAX Integrity - Kathleen Carney

For all you buyers that want to know about short sales..

What is a short sale? Short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor I'm asked that a few times a week. Furthermore, every time I hear "Short Sale", I cringe, on account of, the procedure is a stressful blend of dysfunctional bank departments with no meaningful system for accomplishing the task of unloading the non performing assets. Until the industry gets its act together to create a comprehensively acceptable process, it will go ahead to experience fits and spurts with regard individual transactions. I have seen very easy and timely short sales and some end in disaster, with no reason for the disparity. It is true that the financial institutions are neither smart nor logical in their response to this present wave of distressed sales. It pleads for accepted enforcement and supervision from the source of the bank's line of life, the federal government, with consideration to the taxpayers/borrowers that feeds the beast.  

 

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