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Jill Grasky, Realtor--Serving Tucson and

Oro Valley's Real Estate needs

A Brief Overview...What is a short sale?  Anything but short!!

The term "short sale", contrary to belief, has nothing to do with the time for the transfer of ownership to occur.  The term "short sale" means that the property owner will be "short" of what he or she owes their lender. 

Although many homeowners currently have negative equity in their homes, not everyone can qualify to sell their home "short" of what is owed to the lender.  The homeowner must submit a packet to their lender explaining why they must sell their home.  The lender may approve the sale and accept the loss if the homeowner is under some kind of distress and must move.  If the lender approves the sale, the home is listed with a real estate agent.

When purchasing a short sale property, the buyer is negotiating with the owner, at first.  Short sale offers must be approved by the homeowner, and also the lender.  In December of 2009, the average wait time to receive a response from the lender on an offer was 4 months.  Once the approval is received from the bank, then the 30-45 closing time period begins. 

Depending on whether or not a buyer needs to be in the new home by a certain date, determines whether or not a "short sale" home would be a home worth pursuing.  

For more questions on short sales please feel free to contact me. 
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