Short sale – real estate offered for sale where the most likely sale price will be less than the mortgage owed.
The key component (obstacle) of the short sale process: any offer signed off on by the seller of a short sale will require lender approval.
Key characteristic of short sale buyer: Patience, flexibility in schedule.
The time for lender approval varies from lender to lender. I have seen some get approved in less than 60 days. I have seen some drag on for a year! I have read cases where the lender foreclosed while the process was in this limbo land in between offer and approval.
Short sales are usually discounted a little below the normal market price.
If you are trying to decide if a short sale property is a realistic consideration, give me a call at 321-693-3850 or send me an email.