SHORT SALES AND BANK FORCLOSURES
A short sale is a property where the seller owes more to the bank than what the property is worth. For example, the home may only be worth $300,000 but the seller owes $350,000. So how do they sell the home? They will need to get special permission from the bank (third party approval) to sell the home for less than what is owed. For a buyer, it can be discouraging to wait for this lengthy process. Ofter, a short sale can take months to obtain the approval from the bank, especially if there are multiple mortgages or additional liens on the property. If you are trying to coordinate a move based on your current home selling or lease ending, this can be a very difficult process to go though.