In today’s real estate market…the phrase “no short sale” has meaning. No short sale means a buyer can close quickly taking advantage of the historic low-interest rates we currently enjoy. It means no long wait only to be blind sided by a bank’s inability to see the forest for the trees…It means moving into your home in 30-45 days not 3-5 MONTHS and it means the seller can move ON with their lives as well!
One of my listings just “converted” into a short sale today and we had an offer a few weeks ago that should have been accepted…Granted my seller was going to have to come to the table with a bit of money but it would have been less painful than what we now have to do.
Short sales ARE closing these days! They’re closing quite a bit and actually the sellers are coming out smelling (in many cases) like yesterdays roses! Liability release, no or little cash at close and recorded on a credit report as satisfied (for less than owed, but satisfied…not open) It’s a pretty good thing.
Unfortunately now…I have another one to work through.
Know anybody for this one? $299,000!