Many of the homes being sold today are from "Short Sales". This is when a seller owes more on their home than the home is actually worth. The new buyer bids on the property, the seller goes back to their bank and negotiates a sale whereby the bank has to forgive some of the current mortgage, and the current mortgage holder accepts less than what is owed. This process takes many weeks, in many cases, months to come to an end. The current lien holder has negotiators from different departments that have to get involved. Since this process has to go through many steps, the buyers can wait endlessly for an answer from the bank. Some buyers wait it out while others grow weary and move on to another potential house. The next time you consider bidding on a "Short Sale" property consider the time, energy and money spent in waiting for a "Long Sale" to come to fruition.
Andy Williams
President
Abacus Regional Mortgage
484 695 5972
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