A short sale is often used as an alternative to foreclosure. It’s when the seller is upside down on their mortgage. They owe more on their home than it’s worth in this current market. The name “short sale” by no means comes from a short process. It should be called a “long sale” since it takes so long. Actually they dubbed the name, “short sale” because the seller is coming short on what they owe, and they are asking the bank to accept the loss.
As a Buyer’s Agent, I work on behalf of buyers, and always try to look out for their best interest. When considering buying a Short Sale I like to give you several scenarios that I have experienced, so you are not buying a short sale without knowing what kinds of situations you may face.
Typically the short sale process takes an average of 3-6 months from start to finish. Sometimes it can be shorter and sometimes even longer than six months. During the process we may not hear much at all from the listing agent (and bank). Also the listed price has not been determined by the bank, therefore it CAN BE countered at a HIGHER PRICE (in some cases).
There are a lot of uncertainties, however if you are not in a hurry and don’t mind the process, many times you can get a great deal on a home. After telling you several real short sale situations, if you are still interested in purchasing a short sale, then you will be knowledgeable of the process.
For sellers, short sales are better options rather than going through a foreclosure. While credit is also typically damaged, it is much less damaged than if you foreclose. Both often result in a negative credit report , but you can recover much faster from doing a short sale.
If you have any questions or comments, please feel free to reply to this blog, or call me at 352-208-5874 and I would be happy to answer your questions.
Looking to purchase a home… I can sell any home in Marion County…
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Teresa Fikaris, (Realtor) Buyer’s Agent, Fontana Realty
Cell: 352-208-5874 Website:www.OcalaBuyersAgent.com
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