What is a short sale?  A short sale is when the Seller owes more on the home than they can sell the home for.  The Bank then has to agree to sell the home “short” of what is owed to them.  This process is not a short process!  Rather, it is a long process and can take up to 9 months for the transaction to go through.

Short sales can be great deals for a Buyer!  However, if you are in a hurry to buy or have a home to sell, purchasing a short sale home may not be for you.  Also, keep in mind that the non-short sale homes have to compete against the short sale prices in order to sell their home, because that is their competition.

The argument for Sellers is how much of a hit will the Seller take on their credit for a short sale?  The hit occurs when a homeowner doesn’t make their payments.  We are getting different answers from the Banks as to how the short sale will show up on your credit.  So we recommend that you talk to an attorney and an accountant before making this decision for yourself.

To see our current listings, short sale and otherwise, please go to www.wendykteam.com!

Happy Holidays from the Wendy K Team!

Wendy & Kristi

Tags: Buying a home, Short Sale

Posted on Friday, December 11th, 2009 at 4:03 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.