Short Sales have become common in today's Real Estate Market.
A short sale is selling your home for less than what is owed.
Even though a seller agrees to your offer, it has to be approved by the lien holder(s). There is a great deal of consideration when the bank looks at what is called the "Hardship Package". In some cases it can take several days, weeks or even months depending upon what the seller has sent in to their lien holders (aka, banks).
There are some amazing deals out there. Most buyer's will run from a short sale because of the stigma that most agents have about them. There is a lot of time and energy spent, but with banks now being more flexible, we recommend you do not write them off. Some homes that are selling for less than owed are already approved and negotiations are quick.
A short sale is a perfect solution. There are many reasons banks will allow you to sell for less than what is owed. Remember that banks are not in the real estate business and therefore do not want to foreclose on your home.
It takes a realtor with experience and knowledge to educate and help you with you selling your home for less than what is owed. The government loans are attempting to have people try to modify your home loan first before allowing you to short sale your home. There are many ways to help you possibly save your home. Below on the link "Learn More" will take you to much more detailed ways to help you.
If you are considering a short sale or foreclosing, you really should read more information and click on the link below.