A short is sale takes place when a bank allows the seller of a property to sell it for less than what is owed. With the rapid deflation of the real estate bubble, this is what we are seeing in the market now all to often. Purchasing a short sale property has huge downsides- long waits on the bank, many banks might not even consider a short sale, reduced commissions for your broker, and frustrating time consuming negotiations with the lender. Being on the selling end of a short sale is much worse. You might be struggling with an impending bankruptcy or foreclosure, have enhanced anxiety and loss of sleep due to the situation, etc.
If a short sale is possible on your property, you will most likely end up in a much better place than if you allow your property to go into foreclosure. As more and more of properties on the market are becoming short sale situations, I have spent the last 3 months adapting myself to that market. If you or someone you know is in a short sale situation, make sure to consult with me. I have built a team of the right qualified professionals who can assist with getting a short sale done much more quickly and painlessly than through other traditional channels.
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