What is a short sale?

Since they’re a big part of the 45% of distressed properties in the market, I should probably brief you on them. A short sale isa term used to describe a property that is being sold for less than what is owed to the bank. Since the property is being sold short of what is owed, it’s referred to as a short sale.
Unlike how it may sound, there’s nothing short about it. A short sale can take months to finalize. Various factors can add to the time frame, such as; a second mortgage, liens, etc.
The upside to short sales are buyer bargains. The downside are decreasing property values in neighborhoods with a large volume of short sales.
It’s being debated on whether or not it’s fair for homeowners to be let out of their mortgage. What do you think?
Bonnie Kelly
www.BonnieKelly.com
505-350-8672