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Real Property PodcastsPodcast: Short sales aren’t so short
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REALTORS® who are trying to close a short sale may be experiencing a delay, according to Bernice Ross, Ph.D., nationally syndicated columnist, author, trainer and professional speaker.
Ross says short sales are taking longer to get approved for many different reasons, mainly because the Private Mortgage Insurance (PMI) doesn’t want to pay the claims. “If the PMI company agrees to the short sale, it has to make an immediate payout,” said Ross. “Before you take a short sale listing, be sure to determine how many loans are on the property, who you are dealing with and what the guidelines are.”
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Samantha Elliott Krepps was the Communications & Media Relations Manager at the Pennsylvania Association of Realtors®. |
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Good advice the better advice is to do it on all listings. I’ve always done this. You will be surprised at what you will find. With all the recent changes I always try to save the house from foreclosure and I’ve found that I can get a lot more information to start with and can have the Sellers make better decisions when they and myself know all the facts. As always this is only my opinion.