All signs indicate an improving real estate market with fewer foreclosures and short sales. That is not to say that they are not still prevalent, just perhaps not as widespread as a few years ago.
In a nutshell, short sales occur when the loan on the property becomes larger than the sale price, thus asking the bank to take less than the amount owed. From a buyer’s perspective, this means distressed sellers and the deal of a lifetime.
Sometimes a short sale can have two loans. The large loan is the one that is being shorted and while the smaller loan is dismissed. Two loans, from two banks means two processes of approval. With double the lenders that could mean double length in closing. With the right real estate professional, it does not have to be that way.
Whether you are selling a home as a short sale or a buying one, look for an agent who has experience with the process. Our experiences professionals at Pointe South will be happy to guide you through the short sale system.
