TIMING IS EVERYTHING
SHORT SALE: What is a Short Sale? For many there is a misconception of this term. Simply stated a property goes in to short sale status when the sale of the home will not cover the amount owed to the lender; be it a Bank, Corporation, or Private Lender.
Who owns a property that is in a Short Sale status? The property and home is still owned by the owner. Whether the owner lives in the home or has vacated the property, the owner is still responsible for the property. When a Short Sale property has been made an offer, it is the owner that must accept or reject the offer. If accepted this offer is then submitted to the Lender for final approval. The Lender will compare the amount of the offer to the amount that is owed and will come to a final decision as to accept, reject, or counter the offered price.
How long from Buyer's acceptance to closing? This process is frustrating for Buyers and Sellers as in some cases it has been known to take a few months. If the Buyers are patient, in many cases, they are rewarded with purchasing a home for a fraction of market value.