The phrase “Short Sale” gives many the shivers due to the fact that it offers little to no guarantee of outcome and can cost all parties time, money, hair, soul, sanity, spirit…
You get the picture.
In effect, a short sale occurs when the proceeds from the sale are insufficient to satisfy the debt against the property and the bank is in effect agreeing to accept less than the full payoff. Like anyone or anything else in this world, agreeing to take less than what you are owed is bad business so all of the banks are fighting as hard as they can to extract as much as possible from the sale. They need to make sure that the owner is truly in need of a short sale and that all other alternatives to finding the equity to pay off the mortgage fully have been exhausted. That exercise takes time…lots of time…
“Short Sale” Listings In And Around Richmond
Thought of in another way, working a Short Sale is like trying to bathe and dress a 3-year old on a tight time schedule…you might get it done, but odds are you will not and you are going to be late, someone will be crying and probably missing a shoe.
Here are all houses containing a reference to a short sale.
