What's so short about a Short Sale?
Did you ever wonder, what's so "short" about a Short Sale?
It's no wonder that so many consumers are confused about the home buying process today with terms like, REO, bank-owned, pre-foreclosure, foreclosure, and the now infamous "Short Sale".
Most consumers that are ready, willing and able to purchase these days are looking for a great buy and want to close on the property quickly, so when they see "Short Sale" in the advertisement for the property they naturally think it is going to be quick.
Wrong. The only thing short about the "Short Sale" process is that the seller's pocket book is "short" since they don't have enough money (assets) to pay off what they owe to their bank (lender).
Now I don't know about you, but if someone owes me money and they don't have enough to pay it off, I'm going to need some time to think about it. That is exactly what is going to happen with the bank when their borrower comes to them with a contract from a prospective buyer wanting to buy the home for less than is actually owed.
I found a really nice site which explains the Short Sale Process in detail. Just click the link to read more. When you are ready to begin your home search in the Ocean City, MD area, feel free to call Sharon A. Curtiss, Associate Broker/Sales Manager with Hileman Real Estate, Inc. at c/p: 410-726-4260 or Office: 410-208-9200.
You can also visit my website at www.sharoncurtiss.com to view other Buyer and Seller reports. I will happy to provide you with a free list of foreclosure properties in the area.
It's no wonder that so many consumers are confused about the home buying process today with terms like, REO, bank-owned, pre-foreclosure, foreclosure, and the now infamous "Short Sale".
Most consumers that are ready, willing and able to purchase these days are looking for a great buy and want to close on the property quickly, so when they see "Short Sale" in the advertisement for the property they naturally think it is going to be quick.
Wrong. The only thing short about the "Short Sale" process is that the seller's pocket book is "short" since they don't have enough money (assets) to pay off what they owe to their bank (lender).
Now I don't know about you, but if someone owes me money and they don't have enough to pay it off, I'm going to need some time to think about it. That is exactly what is going to happen with the bank when their borrower comes to them with a contract from a prospective buyer wanting to buy the home for less than is actually owed.
I found a really nice site which explains the Short Sale Process in detail. Just click the link to read more. When you are ready to begin your home search in the Ocean City, MD area, feel free to call Sharon A. Curtiss, Associate Broker/Sales Manager with Hileman Real Estate, Inc. at c/p: 410-726-4260 or Office: 410-208-9200.
You can also visit my website at www.sharoncurtiss.com to view other Buyer and Seller reports. I will happy to provide you with a free list of foreclosure properties in the area.
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