What is a Short Sale?

Asked by Sherry, Los Angeles, CA Sun Jan 20, 2013

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Shirley Smith, Agent, Bellflower, CA
Mon Jan 21, 2013
Short Sale - all the responses are correct. I started processing short sales in 2006 and continue today. The process has no defined lines. Each short sale bank uses their own protocols/forms/procedures. A short sale is for a buyer who is not in a hurry and have found a house they love. As a listing agent I have closed a short in as little as 60 days (the longest in 2008 6 mths.)

An experienced agent is essential regarding how to talk to the bank/s, listen very carefully, follow banks process completely, detail record keeping/phone log and consistent follow through..... Banks and other agents soon learn which agents are the best. Any agent can get a short sale listing, the difference is how the short sale is handled from beginning to end. Banks will cancel a short sale because the agent did not perform according to their process and in the time required.

Banks will pay the homeowner a relocation sum (credit in escrow) at the close of escrow ($2500 and up). I just closed a short sale December 26, 2012 and the homeowner received a check for $2500.

I look forward to providing you the best service!

Shirley A. Smith
DRE 01496590
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Lance King, Agent, San Francisco, CA
Sun Jan 20, 2013
The answers below are correct, but what they didn't tell is that it can take months and months to find out if you even have a deal and they often never close. Find someone local who knows this type of sale, but I would look at REOs instead as they have relatively normal escrow periods and once in contract you know you can close the deal if you want to.
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Ken Dorfman, Agent, Los Angeles, CA
Sun Jan 20, 2013
Simply stated; a short sale is a sale where the property is sold for less than its mortgage. I can be complicated, but it doesn't have to be and there are a myriad of programs available to be looked at. If you are thinking of selling short, or buying a listed short sale, be sure you are working with an experianced agent. Good luck!

Ken Dorfman, Broker
Kenneth B Dorfman Real Estate
DRE # 675912
Phone, 888-846-0688
E-Mail, Ken @TheRealEstateOffice.Biz

Short Sales, REO's
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