I finally sold this difficult listing. The listing was difficult because it was a short sale. If you don't know what a short sale is I will explain. A short sale is a term used when the owner of a home is no longer able to make payments on a home and the mortgage company agrees to allow the owner to sell the home at a price less than what is owed. People do short sales to try and sell their properties before the bank forecloses. What makes short sales difficult is the fact that the mortgage company has to approve all sales contracts. It usually takes 3 to 4 weeks to even get an answer from the mortgage company if they will accept the sales contract. Usually buyers don't want to wait that long to get an answer on weather or not their contract is even going to be accepted. If they had made an offer on a home that was not in a short sale situation, they would be getting close to closing escrow. You can see why the short sale situation is not the best situation to be in. That being said, a short sale is better than having the bank foreclose on your property. A foreclosure will stay on your credit for 7 to 10 years. It does serious damage to your credit. A short sale might also be reported on your credit as paid, but for less than owed. This is not as serious a ding as a foreclosure.
If you have any questions regarding short sales, please feel free to contact me and I will do my best to help you with your problem or questions.
520-466-5350 office 520-371-0331 cell tiffaniperez@remax.net email.