Short sale and foreclosure information for buyers and sellers of North Texas.

Sellers who stop making mortgage payments -- and those headed into default who cannot refinance or work out financing alternatives with their lender -- have three options for sale: sell the property before foreclosure is final, give a deed-in-lieu of foreclosure to the bank or let the bank take the property in foreclosure. Buyers and investors often try to negotiate with the bank on short sales before the home foreclosure is complete, especially if the home is worth less than the outstanding mortgage balance.

Home buyers will have an edge in short sale negotiations if they find a short sale buyer's agent to represent them.

While you may be tempted to work with a DNA agent -- because you know and trust that relative -- if that person has no short sale experience, you may as well hire a brand new agent for all the help you'll get. Short sales are complicated and involved. You deserve a short sale specialist who will watch out for your best interests and stay on top of the transaction.

Like snowflakes, every short sale is unique. Some short sales can take 9 months to close, while others can come together in as little as 4 to 6 weeks. Some agents handle short sales every day while their counterparts avoid short sales like the plague . . . read more about Finding a Short Sale Buyer's Agent.

More Articles by Elizabeth Weintraub:

Short Sales / Foreclosures

Finding a Short Sale Buyer's Agent