Selling Via Short Sale
Short sales are a good option for sellers looking to avoid foreclosure. In short sales, lenders agree to accept less than what is owed against the property. Some sellers do not have enough equity to cover a conventional sale.
Negotiating short sales can take a long time, despite the name. They can drag on interminably, as multiple parties have to agree on the terms. “Short” sales subsequently don’t always live up to their name.
Lawyer’s fees can be high for buyers in short sales, as liens are negotiated to benefit the seller. Seek counsel from an attorney before you decide on your course of action. Be sure you’re equipped with as much power as possible, as short selling your home can give rise to negative consequences.