Today, let’s briefly talk about short sales. If you were industry in the early 2000’s (🙋‍♂️), you are familiar with the term. But in more recent years, short sales have not been very common & many homeowners, home buyers and even Realtors, might not know much about them. They are making a comeback & so let’s go over the basics! 
For starters, they aren’t short. The short sale process is not as fast as the name suggests. In fact, they can take months to close and the term ‘short’ has nothing to do with the speed of the sale. It has to do with the bank approving a sale that is ‘short’ on the amount owed on the home. To clarify, banks are not landlords, or property mangers and do not intend to be. If the homeowner can’t afford to keep the home and can’t afford to sell it either, then a short sale might be an option. The goal is to show the bank what the market will pay for the home and ask the bank to accept a lesser sale price (short) to avoid foreclosure. This way the bank doesn’t become a property owner and the homeowners can avoid the foreclosure process which has a negative effect on credit scores. 

Ok- so, if you find a house and it’s a short sale, can you buy it? Sure, but pack your patience. If you need to be in a home by a set date, this isn’t for you. It can take months to complete a short sale. Also, you might not be able to use your preferred loan type to purchase the home. Got cash & a flexible timeline? Then a short sales might be a great option & a great investment. 

As a Realtor for 14+ years, I have experience with short sales and can navigate homeowners through the process. If you are interested in selling, please call or text. Let’s go over your options. 

Jeremy & Basia Stansbury REALTOR® Exit Realty Professionals 
757.289.5352/757.749.6035

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