The New & (Somewhat) Improved Short Sale Process
The reasons that we are now willing to attempt more Gatlinburg area real estate short sales are:
- There are many homeowners who desperately need to sell but owe more than their property is worth.
- I am tired of telling these owners that there is nothing I can do to assist them.
- The short sale approval process for some banks has now been streamlined and automated systems now make success more possible.
- These transactions still take longer than a regular sale, though we are working a short sale now in which we may be able to close within 60 days or even less from the date we received an offer.
- The seller must be willing to take the significant hit to their credit that results from the requirement that their loan be in a delinquent status.
- Like a foreclosure, the bank doesn't lose the opportunity to pursue a deficiency judgment against the borrower in the future unless they agree in writing not to seek further recovery of their loss.
- Pending short sales don't preclude the lender from going ahead with foreclosure.