Let’s imagine someone bought something from you for what it is worth; let’s say $1000, and you agree to take payments at $100/mo. But a few weeks later, that person goes through some hard times and gets it revalued so they can sell it, and it is then only worth $750. So they ask you for a refund of $250, or they say they will stop paying you. You’d probably drag your feet, as well!
Basically, banks are hoping that the seller will change his or her mind, and get back on track with the payments. The bank doesn’t have to agree to the short sale, but it is better than getting no payments at all.
Finessing a short sale can take time and patience. It can also take longer if you have an inexperienced realtor, because one mistake on the paperwork and your application goes back to the bottom of the pile! There may be no getting around the fact that a short sale takes longer than a regular sale, but there is also no getting around the fact that it can be a great option for a seller who is “underwater” and/or a great deal for the buyer.
We can help you navigate these short sale “waters” as experienced short sale realtors. If you are considering the purchase or sale of a short sale, please do not hesitate to give us a call at 910-622-0319!