A short sale home involves property that is in the process of being foreclosed. Although the bank has not yet seized the house, borrowers have little time before losing their property. Lenders will occasionally allow the homeowner to sell their home for less than they owe on their mortgage note through the process of a short sale.
Purchasing a short sale home is basically the same as buying any real estate for sale. The sale of these properties is generally facilitated by a realtor. The homeowner is required to work with an assigned bank loss mitigator.
How long does a seller’s bank take to approve the short sale of a preforeclosure house?
It can be very frustrating to the buyer who already has his loan ready to close and is on the contract to buy that house. What would you advise that buyer to do?
Work through your attorney. Have your attorney call the Seller’s attorney and pressure them to call the bank’s attorney.
Would it surprise you to learn that an attorney can get another attorney on the phone a lot faster than non-attorneys can? It’s true.
How to get contact information of the Short Sale in charge at bank?
Hi Friends,
I am a potential home buyer. I put offer on one of the Short Sale home and I think the bank/lender is Countrywide bank.
It’s been more than 2 weeks but I didn’t heard any think from Bank or their agent. Is it possible to get the contact information of the person who is in change for this house? if yes then how? I am in PA.
MP
Maybe you are near to having your home foreclosed and you want to do something about it. A short sale may just be what you are looking for. This happens when a person sells his property for less than what the amount is, in terms of the remaining loan balance. If you would like this to take place, of course the lender must say yes to the said short sale.
September 1st, 2009 admin 
So much of the daily news is inundated with our new President Barack Obama flexing his muscles regarding the leaders in the banking industry, their salaries, bonuses, etc.
I wonder if any of these White House officials, senators, congressman, etc. have ever tried to purchase a home via a short sale. These homes ARE the bad debt our tax dollars are going to “bail out”. Why is it that no one is paying attention to this process? If this process were regulated and streamlined, the banks would incur less debt as homes would close faster and for more money.