It is a real joke that "short sales" are called "short"; what a misconception.  They need to find different verbiage because a while back people thought "short sales" didn't take too long.   We have one "short sale" that is now going past five months and the lender still hasn't answered us.  It is a nightmare!

There have been others that haven't taken as long; some two months and then there was the one that took a year.  In that time, the value of the house goes down.  Being in this industry as a realtor, besides our own horror stories, we hear about others.  We have a rental house and someone waiting to close on their "short sale" rented our home.  About two weeks before closing, when they were under the assumption that all was good with the contract, the lender did another appraisal and wanted another $8,000 to close. 

We all know that the banking industry is a mess but they are taunting us with their lies and misconceptions.

I have a cousin in CA who is going through a very rough patch and she tried to "modify" which I believe is the new term for the banks to help us folks with mortgages we can't afford.  They "modified" it and came out with a higher appraisal and wanted her to pay more.  She had to walk away from it.  She asked for help and was willing to give the keys but the people working for the banks can't see outside the box and now there is going to be another foreclosure. 

We still would rather our buyers not go into a "short sale".  It is not always what it seems, but there are instances where the buyer does get a "good deal", but patience is the key and they need to redefine "short sale".

We will always keep you posted.

Have a great day and enjoy!

Elsie Kempsey & Julie Ludovico

Team Tropic Hernando