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.
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.
