Quick Short Sale Facts

Here are a few facts about Short Sales:

• Approximately 8M mortgages in the United States are upside down- or in a negative equity position which means if these owners want to sell they will either need to bring a check to closing or work with their lender to negotiate a short sale.
• A short sale is a ZERO NET to Seller transaction. The seller can net nothing at closing and will walk away from the property without any proceeds. (Which while painful, is certainly better than foreclosure)
• The short sale process can tax almost 3x longer than the average real estate transaction to close. Much of this has to do with the seller’s listing agent and his/her experience with short sales.
• A short sale does not impact your credit nearly as severely as does a foreclosure. It is worth the effort if you’re facing foreclosure.
• It’s not necessary to be behind on payments for the Lender to agree to a short sale, but there does need to be a valid hardship.

If you know someone who needs help with a short sale, I’d encourage them to work with a CDPE (Certified Distressed Property Expert) who has undergone extensive training and networks with other experts across the country to stay on top of Short sale trends and changes.

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