Since I happen to be in the midst of a short sale right now, I thought I would comment on what can often be a complicated & frustrating process.....but one that can also be incredibly rewarding to the savvy buyer in the end.
A short sale is when a homeowner can no longer afford their mortgage and in order to avoid being foreclosed on, they negotiate with their lender to take a discounted payoff amount. This allows a buyer to get a home they often would not otherwise be able to afford, but the trade-off for such a deal is a process that can drag on for weeks - sometimes months - with no guaranteed outcome. The good news is, this process may be changing.
According to Kenneth R. Harney, "Fannie Mae, the single biggest player in the American mortgage market, plans to crank up the pace of short sales on properties in its bulging portfolio. Fannie intends to "streamline" procedures to enable pre-foreclosure sales to speed through what is currently an extended, and often complicated, process."
Read the rest of this informative article here.
The bottom line is that if you are willing to go through the process, a short sale is one of your best chances to get a home that otherwise would be out of reach. Just make sure you know what you are getting into, be patient, and then sit back and reap the rewards!
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