What is a Short Sale?
Short Sales are an option to consider if your home will probably NOT sell for the Amount You OWE on the Loan after you have paid all the costs associated with selling your home.
A Short Sale is a negotiated Solution with the owners of your note (s) which requires patience and persistence. It’s not a simple negotiation. It will require your real estate agent negotiating with a potential buyer, jumping through the hurdles to get an acceptable offer to all parties AND THEN Negotiating with the bank & perhaps their subsidiaries including the Investor who may suddenly seem to appear out of “nowhere” with a monetary interest in your property.
The Investor is your Ultimate Money Man & makes the final decision in most cases. You and/or your agent may or may not deal with him/her directly in the process but be assured that their influence is substantial.
While it is true that the bank does not really want your home back…they are bankers, not real estate agents…they DO want as much money as they can possibly get for the loan.