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	What is a ‘short sale’? A short sale is when the owner still owns the home. However, they have stopped making mortgage payments. The home is worth less than what the owner owes on the property. So, if they were to sell it they would not have enough to cover the amount owed. The lender starts a foreclosure process so that they can take back the property. The whole process takes about a year. During that time the owner tries to market the home for sale. They have a Realtor list the home and put it in the MLS. So, the owner and Realtor pick a price that will draw attention. If someone steps forth with an offer it is presented to the lender. The lender will review it. They need to agree to accept the new buyers offer in lieu of foreclosing on the current owner and forgive the debt that is owed. The advantages to the current owner are that they can save their credit and move on with their lives. The advantage to the bank is that they can get the current owner out and save money on court costs and attorney’s fees. A successful short sale transaction takes about 45-60 days to receive a response. Many times you will hear nothing. At this point I have made a decision to no longer work on short sale offers. It is not because I am lazy or that I am paid any differently. It is simply that there is no real dialogue with the lender and they are the one that needs to sign off on it. I have had no real success with them. I have customers that were very frustrated by them and wasted a lot of time. I would be glad to allow you to call them and ask about their experience with trying purchase a short sale and ultimately buying an REO (real estate owned), or bank owned property. At this point probably around 15% of short sale listings go through okay. This percentage will really improve in the months ahead. However, at this time the short sale (or loss mitigation) department is overwhelmed and their staff tends to be unskilled. So, I have made the decision about 6 months ago to really focus on selling bank owned property. I have had a lot of success doing this and I am now selling about one per week. Tim Ryan, Realtor \| Amerivest Realty \| www.NaplesGuru.com \| www.BankOwnedNaples.com \| www.LeeBankOwned.com Office:239.963.4070 \| eFax: 239.687.4427 \| info@NaplesGuru.com
7 REO Secrets - My eBook (pdf) Buying REOs - A guide to buying bank owned properties 7 Steps to Close - Taking you through the closing process step by step FAQs - Your most common questions answered here What is a Short Sale? - Short Sales Explained LeeBankOwned - View Bank Owned Properties In Lee County (Estero, Fort Myers, Cape Coral, Lehigh Acres, etc.)

What is a ‘short sale’?

A short sale is when the owner still owns the home. However, they have stopped making mortgage payments. The home is worth less than what the owner owes on the property. So, if they were to sell it they would not have enough to cover the amount owed.

The lender starts a foreclosure process so that they can take back the property. The whole process takes about a year. During that time the owner tries to market the home for sale. They have a Realtor list the home and put it in the MLS. So, the owner and Realtor pick a price that will draw attention. If someone steps forth with an offer it is presented to the lender. The lender will review it. They need to agree to accept the new buyers offer in lieu of foreclosing on the current owner and forgive the debt that is owed.

The advantages to the current owner are that they can save their credit and move on with their lives. The advantage to the bank is that they can get the current owner out and save money on court costs and attorney’s fees.

A successful short sale transaction takes about 45-60 days to receive a response. Many times you will hear nothing.

At this point I have made a decision to no longer work on short sale offers. It is not because I am lazy or that I am paid any differently. It is simply that there is no real dialogue with the lender and they are the one that needs to sign off on it. I have had no real success with them. I have customers that were very frustrated by them and wasted a lot of time. I would be glad to allow you to call them and ask about their experience with trying purchase a short sale and ultimately buying an REO (real estate owned), or bank owned property.

At this point probably around 15% of short sale listings go through okay. This percentage will really improve in the months ahead. However, at this time the short sale (or loss mitigation) department is overwhelmed and their staff tends to be unskilled. So, I have made the decision about 6 months ago to really focus on selling bank owned property. I have had a lot of success doing this and I am now selling about one per week.