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Some insights on Short Sales

When I talk with buyers about “short sale” purchases, a lot of times people seem to think that short sale means the sale takes a “short period of time” to close. Nothing is further from the truth! The lenders are so overwhelmed with the numbers of pre-foreclosure and loan modification transactions, that these “short sales” are taking extraordinary lengths of time for approval of good, solid buyers to close on pre-foreclosure properties. The Treasury Department is currently in the process of reviewing and setting new guidelines to address some of the barriers to closing these sales. If they can’t come together on the guidelines, perhaps we should all come together and push for a name change to “long sales”!

Read more about what the Treasury is doing today at Reuters.

If you have a question about the short sale process when purchasing or selling a property, please contact me and I’m happy to pass on my experiences with you.