Short Sale Properties

From http://www.oregonrealtors.org/About_OAR/buyadv.html#ShortSaleProperties

"A short sale is any sale where the purchase price will not result in sufficient proceeds to pay off the mortgage, or other liens, and clear the title.

Short sales are typically made using a short sale addendum that makes the transaction contingent upon the seller obtaining the consent from their creditors permitting a reduction in the closing costs sufficient to close the transaction for the purchase price. Because the transaction is contingent upon the consent of third parties, short sales often fail. Buyers should understand and plan for the resulting uncertainty.

Contract deadlines and termination provisions must be carefully considered in a short sale. Because the transaction is contingent on the consent of one of more third parties, sellers can, and often do, continue to market the property and seek better offers.

Creditors will often demand changes in the terms of the sale agreement as a condition of giving their consent. Buyers should be prepared to deal with the additional uncertainty created by the potential for multiple offers and third party demands. Real estate licensees can give buyers important marketing, business and negotiating advice and information and can assist in preparation of the sale agreement but only pursuant to the client’s instructions. Real estate licensees are not attorneys and are prohibited by law from giving legal advice."

Folks Make sure you are looking at all your paperwork, there may be NO benefit to using a in your Short Sale process, the Realtor is negotiating so they get paid... find out all you can BEFORE you Sign. Ask questions, change things on contracts if you don't like it, NEVER EVER accept a supposed "Standard Form" - they are not meant to protect you, the Real Estate Victim (real estate consumer ). NAR is in the Short Sale game BIG TIME... Realtors everywhere benefitting from what NAR pushed you into in the first place, don't let it happen again.