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Short sales and why they tend to fall through

When you're in a position where your home could be at risk due to your debts, you may be looking at selling via a short sale. This can prevent you from having to seek a foreclosure, which could damage your credit more than a short sale would.

A short sale is when you sell your home for less than you owe. The lender then forgives the remaining debt, and you leave the situation without a foreclosure on your record. A short sale has to be approved by your lender, and your attorney may have to walk you through to the process to make sure it's done negotiated correctly.

Why do short sales tend to fall through?

Short sales take a lot of time to complete. When a buyer is looking at your home, it's important they understand that fact. A short sale needs to be approved by your lender, and that can take months to complete. If the offer was too low, then your lender will want you to try to get a higher offer on the home. Sometimes, buyers can't get a mortgage on the home if it's not in good condition, so that's something to consider as well. Banks and lenders may draw out the sale in hopes of getting higher offers, and that strain can make your potential buyer walk away. With a traditional home purchase, the sale moves much faster, which is what makes a normal home purchase desirable even though a short sale may be a better deal.

In either situation, it's important that you, as a seller, are prepared to make the sale. Your Charleston attorney can help you negotiate a short sale, so it can move as fast as possible.

Source: Bankrate, "5 common errors when buying a short-sale house," Lora Shinn, accessed June 16, 2016

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