In today’s economic climate, the media has put a lot of focus on short sales. While the foreclosure process is a fairly well understood practice, the short sale process is not and people are left wondering what they are.
According to realtor.org, a short sale is when a lender agrees to accept a mortgage payoff amount that is less than what is owed to facilitate a sale of the property by a financially distressed owner. The lender forgives the remaining balance of the loan.
Short sales can be a very big hassle, but the up side is getting a property for a substantial discount. However, the process should not be taken on alone. Buyers will need the assistance of an experienced agent who has a good track record with short sales.”
For buyers looking to purchase a second or third property, a short sale may be the perfect match, said the villa rental professional. This type of buyer typically has no move-in deadline, which is best when dealing with short sales, as the process can take anywhere from three to 12 months to close.
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