The Short Sale nightmare
Homes for sale, condos for sale, signs everywhere, under appraised value, best price per square feet, in foreclosure, short sale and I could go on and on and on.
When it comes to homes and condos we have a huge inventory here in Pinellas County and a lot of them are short sales.
Unfortunately "Short sale" is a term that people are not familiar with.
Buyers and sellers do not really know what they are getting into and what to expect.
The short sale process is a nightmare for everybody involved.
The Buyer, in most nearly all cases he has to wait forever ( 6 weeks, 8 weeks) for the bank to give him an answer on his offer and in the meantime he is bound to his offer and can't back out to pursue another deal.
The Seller, also waiting for the bank, trying to negotiate with them if they could forgive some of the money owed.
The Bank, not getting they full amount of the mortgage and an extra workload.
The Realtor, sitting in the middle of 3 frustrated parties for weeks and weeks and weeks and not knowing if he will get paid for his work
Do I need to say more? I think you get the picture.
A Short Sale can be an absolute drama, but in the end if and when it closes,
every one of these four parties is better off.
The buyer will get a great deal.
The Seller does not have a foreclosure on this credit record and might be forgiven some money.
The Bank doesn't have to spend additional time and money to start the foreclosure process.
The Realtor will most likely not get the full commission but at least some.