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Stacy Grove
Cressy & Everett
332 N. Ironwood Drive
South Bend IN 46615
Toll Free: 800-431-0001
Fax: 574-239-4692

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What is a "short sale"?

Let me be the first to tell you that a short sale is anything but short. The word 'short' stands for a shortage on the total amount owed. It has nothing to do with a time period, in fact, it's quite the contrary.

If you're a patient buyer, or would like to work on this aspect of your character, a short sale is a wonderful thing! Along with saving a seller from the embarrasment and pain of foreclosure or further collection activity, you can oftentimes buy a home with "instant equity." That is, you can buy at or below current market value. 

The issue: They're very, very time consuming... sold as-is... and many Realtors (unfortunately) don't want to "deal" with them.

In an ideal world, short sales would take 30-60 days (similar to a traditional transaction.) Truthfully, many are taking 90-120 days, if not longer. I'm still waiting to hear back from the bank on a contract one of my sellers accepted October 30th. (Did someone say less than 2 weeks until Christmas?)

Rumor has it that the federal government is working on something to seriously expedite these transactions. As the next wave of foreclosures stares us in the eyes, short sales can help to save the day.

There's a lot more to these beasts we call "short sales." But, I'll leave you to chew on this for a bit.

Short Sale Steal

Wow. Some lucky-duck is going to get a deal! This beautiful Osceola home was a builder "Panorama" home in 2003, and now it's a short sale. It sits in a beautiful new neighborhood and has all the bells and whistles. The listed 1,658 square feet does not include the finished basement with tray ceilings, egress windows, a 1/2 bath, kitchenette and ample storage. The sellers must sell, so the price will continue to drop until someone walks away with a steal.

The price was just reduced to $185,000. That's just under $55,000 LESS than it was listed for back in February '09. And, almost $42,000 LESS than it was listed for in September '06. Talk about instant equity!

For more information click here, call Stacy at 574-210-9595 or email stacygrove@cressyeverett.com.

Stacy Grove
Cressy & Everett
332 N. Ironwood Drive
South Bend IN 46615
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Last modified 9/8/2010