You have no doubt heard about short sales. They are all over the media. I’m sure you’ve never heard of a long sale though…A long sale is what real estate agents call short sales.

Why you ask?

Real estate agents get calls daily from people wanting to purchase a short sale. A short sale is a home that will sell for less than the current mortgage lien on the home. Many people think they are getting a great deal by purchasing a short sale.

What real estate agents know, is that there is nothing short about the short sale process. I recently was working on a short sale, that I personally thought the bank should have jumped on…3 MONTHS later, they denied the short sale to the seller in foreclosure.

Normally when you purchase a home for sale in Oregon, it is typically 30 days from offer to close. Trying to negotiate a short sale with a lender often takes significantly longer than that just to get a response. There is nothing short about the process of a short sale.

Sellers and potential buyers of short sale properties need to prepare themselves for the long road ahead. I think they should rename short sales…long shot sales with a 30% chance of closing and extremely painful process for all involved…

Not very catchy…I know

(c) Copyright, 2008. Melina Tomson, All Rights Reserved. DO NOT COPY this without express written permission from the author.

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