Short Sales Take Time

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.

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About cozbycpa

Heather L. Cozby is a CPA on the South Shore and Cape Cod. The managing partner of Cozby & Company, LLC, Heather has the resources and experience necessary to provide quality professional services on a timely basis and at a reasonable cost. She specializes in tax planning & preparation; audit, review & compilation services; management advisory services; bookkeeping; and accounting. Her unique niche is in working with homeowners’ associations and condominium trusts, advising with rental real estate, and providing outsourced financial consulting for mid-sized companies. She is more entrepreneurial than most accountants, and offers the best of both worlds - providing the services of a larger firm while retaining the ability to connect with her clients on a personal level.
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