A short sale in real estate is selling a property below the mortgage payoff, and getting the bank to take the loss. They are done, but they are pretty rare… and I ran across a great post about short sales from FranklyRealty.
photo credit: Eric I. E.
He knows a lot more about these beasts than I do. For that reason, I don’t take on short sales. Unfortunately, there are a lot of agents that have figured out that being a “Short Sale Expert” might be real profitable right now. It leads to a lot of listings… which can net a lot of buyer leads. In other words, they aren’t really worried about the short sale, just the buyers they might get while trolling the listings. To pile on, there are a load of classes so that agents can talk the talk… even if they can’t walk the walk… Three hours does not an expert make!
I refer out short sales to agents that are experienced in making them happen… and they CAN happen. They just aren’t likely to happen with “Experts” that have never done one before.
So, if you are in a short sale situation, feel free to give me a call, and I’ll find an agent that can help you… just about anywhere (I have a pretty good database). If you are looking to buy a short sale, I can help with that too.
Honestly, for buyers, they may not represent the best deal. Focus on the value, rather than discount from list price… that is a whole different post.