What is a Short Sale?

Hello, How are you today? It’s a beautiful day to talk about
real estate.

I wanted to answer a quick question that we
get asked a lot, what is a short sale?

We’ve heard the word short sale, but a lot of people don’t
really understand what it is. A short sale is when a seller
owes more on their House than what it’s worth in today’s market.

What happens is they put it on the market for what it’s worth
and then a buyer will come and make an offer on it. Then the offer
has to go to the Bank for the Bank to approve it. They’re short
basically, and then if the Bank approves it then the buyer can
buy it.

The Bank could counter, they could say yes, they could
say no. A lot of times it takes anywhere between three to six
months for a short sale, and for a Bank to respond to it.

Usually, if you’re going to get into a short sale, you’re in it
to wait. You know you’re gonna wait, you know there’s
going to be a time frame involved in it.

We have had them close in as quick as 30 days, but we’ve
had them go as long as a year as well. So it’s just an unknown
factor.

That’s pretty much what a short sale is. If you have any other
questions on it feel free to contact us. We’d love to go over it
a little more in depth with you.

I hope that answers your question quickly.

Make it a beautiful day. Take care.

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