Short Sale Frustrations
Posted by Veronica Hicks on Friday, February 11th, 2011 at 2:15pm.Short sale frustrations could easily be the reason so many condos head to foreclosure. The lengthy time frame to complete a short sale, combined with hanging in the balance waiting for the mercy of the lender is wearing to say the least. A short sale can be a great way to avoid foreclosure and save a credit rating but it often takes thick skin and a whole lot of patience.
One of the most frustrating things about a short sale is the fact that if the condo were already foreclosed upon it could be sold immediately, possibly for less than it would sell for a short sale price, so why won’t the bank simply agree to a short sale? Either way the bank is losing money, why go through the foreclosure process if the condo could be sold as a short sale? Be prepared. Have proof of what your condo is worth in today’s real estate market and demonstrate that accepting the short sale is in the lender’s best interest.
A short sale has a much better chance of occurring when an experienced REALTOR® is involved. When connections exist the short sale process tends to run more smoothly. The key to a successful short sale is preparation and determination.
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