Pura's Blog

I have received some emails asking about short sales. 

Here is a cursory overview of short sales.

What is a short sale?  

The word 'short' simply means that the lender is accepting an amount lesser than what is owed on the present mortgage/s. The bank/lender makes the final determination on the acceptance or rejection of an offer.

Why does it take so long to get a short sale through?

Many properties have more than one mortgage.  Every lender, of record, must be on board in accepting the offer.  If there is not a consensus between the lenders, the short sale could fail.  Moreover, the offer can simply be too disproportionate to the amount due on the mortgage/s.  If it does not make financial sense to the lender, the deal could die on the vine.  

Remember, this is a very simplified overview of a short sale.  Look for an agent who is able to walk you through the process.  It will help alleviate stress and keep you focused in the end result, which ultimately could land you a really great deal!