As part of our series on Short Sales, we posed some questions to the Linked In community and I thought the questions and answers were worth sharing.

As we have discussed, short sales can be a positive solution by helping one avoid foreclosure. Owners facing foreclosure have some hope and a way to relieve some of the stress. Many of our clients tell us they will be able to sleep better knowing that this situation is being handled. Moreover, buyers can oftentimes get a good deal when they buy short sales.  Lastly, lenders can minimize their losses when they approve legitimate short sales.  I call this the “win/win/win” formula. 

On the other hand, especially when folks are operating on partial information or, even worse, wrong information, then short sales can be extremely frustrating.  In addition, some lenders have poor policies, inadequately resourced departments, and/or other priorities (like keeping the doors open and the FDIC at bay) that can cause long processing times. Let’s illuminate the truth about short sales from the many interested parties commenting from Linked In: seller, buyer, lender, mortgage insurance carrier, investor, attorney, and broker.