I have been a part of several “short sales” in the past couple of years and I think it’s time to rename them.
First the only thing short about them is the price is “short of payoff”. They are actually a pretty long process. When I think of something being called short, I think of brief. So to think of a new name is tough….what about “long-less sale”. It probably won’t work, but we must keep in mind that a short sale is anything BUT short in reference to time.
Some lenders are working to stream line this process, but just ask any seller or buyer that has been involved in one and you’ll hear all sorts of frustrating comments. Unfortunately, with our economy still struggling to get growing, short sales will probably be here for a good while.
If you are on the verge of losing your home, you need to call the mortgage company and get all the info you can to see if you qualify for a short sale. It is a tough process, but less damaging to you than foreclosure.