Hojin's SW Orlando Real Estate Scoop

Real Estate News for Dr. Phillips, Windermere, Gotha, Celebration, Winter Garden, Ocoee, Clermont, Metrowest

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What The Heck is a Short Sale?

September 8th, 2009 · No Comments

One misconception I’ve been running into with the public is what the heck a “short sale” really is. They’re a part of the real estate landscape these days and there’s plenty of them for sale in SW Orlando.

When a listing mentions a short sale, it means the seller owes more than the asking price. More and more short sales are getting approved but it will test your patience as the process typically takes at least 3 months and in many cases much longer.

If time is short, especially those trying to take advantage of the first time home buyer tax credit that’s expiring soon, then I’d probably focus more on approved short sales.

Buyers often cancel short sales because of the lenghty process so when these properties come back on the market, the next buyer can get an answer from the bank in about a week.

Just as with foreclosures, don’t assume a home is a good deal because of the “short sale” label. Consult with someone that’s knowledgeable about the local market…. aaah like me.

Tags: Real Estate Tips