You’ve been warned and you’ve heard horror stories of short sale transactions, but do you actually know why they’re called a short sale?
These distressed sales earned their name because the current owner is selling his/her property SHORT of what he/she owes on the loan. When you hear the term “upside down” it means the same thing, the property is worth LESS than you owe on it.
Short sales are NOT SHORT in time. I sold one in July that we had been working on since September 2010 – that’s 11 months from initially hitting the market to closing.
For a complete list of Short Sales available in Arlington, Click Here.