Concise short sale explanation
Explaining the short sale process has always been a hard task. Linked below is a very concise and easy to understand article. It is written to the buyer’s perspective, but a seller can fairly easily see the pros and cons.
To clarify however – lenders require that the prospective short sale property be listed for sale with a realtor. A discount realtor with Multiple Listing Service access should suffice, however.
The biggest drawback of course, is that the buyer probably must purchase with all cash. This is the biggest reason to enlist the services of an investor experienced in short sale negotiations. It is well documented that a US national attorney is by far the most efficient method to successfully negotiate a short sale. Notice the 30-day requirement for closing.
Most importantly, the seller or property owner cannot profit from a short sale. This essentially means that anyone who has made the decision to liquidate a property should enlist a short sale expert. There’s no way to profit anyway.
Read it here
