Hey Kevin, "My family and I are moving to the Charlottesville area and would optimally like to be in our new home within the next 45-days.  We are interested in this listing but we see that it is a short sale.  What is a short sale and does that impact our timeframe in any way?"

The downturn in our economy and in our real estate market has placed the term short-sale front and center.  A short sale is when a property sells and that sale produces less money than the Seller owes the leder.  So, the Seller did not make enough money on the sale to pay off his/her mortgage balance.  The Seller came up short...hence the term short-sale.  An approved short-sale is when a lender decides to cut its losses by agreeing to a negotiated sale rather than experiencing the greater expense of a foreclosure.

The short sale process has improved as the professionals involved have done more of these transactions.  With that said, these types of sales are not for the faint at heart or for the Buyers who are on a short timeframe.  It is all but standard that these transactions take a good bit longer than what is originally stated on the contract. 

Thinking of purchasing a short sale...bring a boat load of patience with you and be sure to work with a Realtor and attorney who have experience working these transactions.  

Got an idea for a Tuesday's "Hey Kevin..." let me know!