Why I Hate Short Sales!
Okay, so hate is a pretty strong word. Maybe a better description regarding my opinion of short sales would be "strongly dislike". Short sales and foreclosures are currently all the rage and for very good reason. Banks have a large number of properties that they would like desperately to sell (the foreclosures) and there are many sellers who owe more than their property will sell for (the short sales) in our still deeply depressed Sevier County real estate market. There is however a huge difference between buying a foreclosure property and a bank-controlled (but not yet owned) short sale one. With a bank owned property, the foreclosure has already occurred and the former owner (technically called the mortgagor) no longer has any ownership and thus no control of the property. A buyer needs only to make an offer and within a day or two the seller (the bank) will respond with an acceptance, a counter-offer, or an outright rejection if the offer is too far below the asking p...