Short Sales: A "Short Sale" is a transaction that depends on Seller's creditor(s)' agreement to accept less than the amount secured by the Property in order to satisfy Seller's obligations at Closing. In all "Short Sale" transactions Buyer and Seller have to acknowledge that the purchase price is insufficient to cover Seller's obligations at Closing, therefore Third Party Approval (lenders & other lien holders) need to authorize the sell and what happens to the moneys that are "short". From a buyers perspective buying a "Short Sale" might be a good buy, but the transactions take longer to close which might be very frustrating. When considering buying property that is a "Short Sale" also consider hiring a REALTOR® that is Certified in "Short Sales" or "Distressed Properties"?
