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Short sale situations are created when a homeowner falls behind in mortgage payments and is unable to sell their home at a price that would pay off the mortgage along with the additional charges a seller must pay when selling a home. 

Homes being listed for sale as "short sales" or contingent upon 3rd party approval, which in most cases means lender approval, are increasing daily in the MLS. The seller is unable to sell their home unless the bank agrees to lower the amount of payoff owed on the mortgage.

The process of having a bank respond to offers and contracts sent to them for review is often time consuming. Agents, sellers and potential buyers must practice patience if they hope to be successful with the transaction.

Seller's should attempt to exhaust all other possibilities before attempting to sell their home as a short sale. There are programs available centered on helping home owners keep their home.  

Should a seller have no other alternatives, then a short sale may in fact prevent a foreclosure thus limiting the damage to their credit.

Don't attempt a short sale without the help of a professional real estate agent who are familiar with the entire process.

If you would like additional information about the short sale process, give us a call.  407-304-0255

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