There is a lot of talk about short sales today, and right fully so, since many homes that are curently on the market fall into this category. For those of you that are unfamiliar with the term it means that you owe more then the house is worth. Now let me say this, that in of itself does not make for a short sale. The owner must qualify for a short sale. In order to qualify for your property to be sold short you the borrower must have a hardship of some kind that the lender deems to be a legimate hardship. Note the owner must be in communication with the leander so they are fully aware with what it is that is causing you the hardship and why you are unable to make your monthly payment. The property owner will have to do a fair amount of work collecting all the information that the lender wants along with a hardship letter, before the lender will agree to a short sale. Understand this they are only agreeing to the fact that you do qualify for a short sale based on the information that you provided them and the hardship that you are experiencing. Then the house goes on the market with your agent of choice and is marketed just like any other home with a clause that clearly states that this home is a short sale and is subject to lender approval. Once an offer is received and accepted buy you it then must be presented to the lender. The lender can take anywhere from 3 to 6 months before they approve the short sale if it's approved at all. It is a long and frustrating process for all parties involved. Until the lenders get enough staff and proper systems in place to expedite the process the success rate for this type of sale is marginal at best. Certainly the seller and the buyer will increase the success rate by using agents that are familiar with the process and have a good track record. The DiPinto Team has done a number of short sales and Susan has her CDPE designation ( certified distress property expert ), which along with our experience with short sales put the odds in your favor of a successful closing. This a simplfied explanation of a complicated transaction. For a more in depth explanation and understanding of a short sale The DiPinto Team welcomes the opportunity to meet with you to discuss the process.