While home values are gradually increasing, some homeowners are still being faced with needing to do a short sale. This is when a bank agrees to sell a property for less than what the mortgage is on that property.
Ironically, short sales can be anything but short. As a buyer, you may score a great deal in purchasing a short sale, but you’ll need patience to complete the transaction, as the process can take anywhere from 3-12 months. It really depends on the banks and realtors involved, and on how everyone is communicating. Often the homeowners are still living in the residence in the meantime.
If you’re getting ready to undertake a short sale, make sure you look for a realtor who has plenty of short sale experience.