Roughly 20 percent of all U.S. home sales in March were “short sales” according to a real estate industry survey conducted by Washington-based Campbell Communications. According to their research, two-thirds of short sales are initiated by homeowners, and one-third are launched by mortgage lenders (as a foreclosure alternative).
In a typical home transaction, the seller gets the final say on which buyer gets the home, but in a short sale, the lender weighs in on that decision, since it’s the lender who won’t recoup 100 percent of the seller’s mortgage balance as in a “normal” home transaction.
Buying a Short Sale Can Be A Time-Consuming Process 2046
Buying a Short Sale Can Be A Time-Consuming Process 2035
It is important to know where the seller is in terms of discussions with the lender. The lender can drag the short-sale process on for a very long time. An offer may take anywhere from four to six weeks to get a response. But if the buyer is in the market to purchase a short sale, then patience is going to be vital in order to pick up that good deal.
Short Sales Now Widespread 2046
There is a lot of media attention on foreclosures these days. It seems everywhere you turn the radio, TV and newspapers have increasingly more negative news.
The summer of 2005 saw the dreams of hundreds of thousands of American people destroyed when Hurricanes Katrina and Rita hit the Gulf Coast. These hurricanes destroyed homes, stole lives and wiped out entire communities in Alabama, Louisiana and Mississippi.
