A short sale isn’t really all that different from any other traditional sale except for one thing – you must get the lender’s approval to sell for less than the outstanding loan balance. That adds time – sometimes a few weeks to a few months – to the process. It’s a little more complicated if there’s more than one lender involved and even more if there are other liens against the property such as mechanics liens or tax liens. Here’s a brief video discussing the short sale process. As usual, if you have questions I’d be happy to help.
- Bank-owned vs Short Sales (adohomes.com)