“Here’s the common narrative: A home goes on the market as a short sale – priced at less than is owed on the mortgage, so the lender must approve any sale. The bank either declines offers as too low or takes months to decide, which drives away potential buyers.”
Be persistent during ordeal of short sale [SFGate]
Did We Mention How Much That Third Party Matters? [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by Mystery Realtor

    That article in the Chron left a lot out about short-sales. But that’s nothing new to them.

  2. Posted by chuckie

    I could be totally wrong here but I don’t notice many short sales on Redfin in SF. Are they supposed to identify short sales as such on MLS? Given the complexity, I don’t see why they wouldn’t.
    But I think it’s a timely topic and the article does have good information.

  3. Posted by Po Hill Jeff

    I can understand why the bank might have to approve a short sale – they’re losing their lien in the process, after all – but why might foreclosure be preferable? Are they just worried about the loss of collateral, or does the bank lose the ability to recover the difference between the sales price and the loan balance in the case of a short sale?

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