A short sale is not short in terms of time, it usually takes 60 - 90 days to close a short sale because of all of the paperwork and logistics of dealing with the bank. But, it's a win-win-win for everyone. The buyer gets a good deal on a home, the seller gets out of a mortgage he/she can't afford, and the bank avoids taking possession of another foreclosure. So, if you are shopping for a home and you find a short sale that you like, hang in there! If you are seller facing foreclosure, stop avoiding those calls from the bank and call me so we can sell your house!
For additional information for property owners who are facing foreclosure, click here.