A short sale is where we negotiate with the homeowners bank to get a lower sale price than what the homeowner owes on the property. Sometimes this gets time consuming especially if they have a 2nd and/or 3rd mortgage. One in 444 home loans went into default in the State of Ohio last month (refer to columbus dispatch article on 9/12). The banks are overwhelmed with paperwork and sometimes it takes 60 to 90 days to even get a response. The quicker we can start the process, the better chance we have to create a win-win situation for the bank, buyer, and seller. You DO have to understand that the longer it takes, the bank will incur more fees and larger losses.
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