Lauderdale By The Sea Short Sales

A short sale is where someone owes more on their mortgage than the property is worth. In order to sell the property, that Seller has to get approval from the bank that owns their mortgage. This process tends to take a lot longer than a traditional sale. Just because you put a short sale under contract does not mean the bank is going to approve that sale at that price. It's not uncommon for banks to come back 3 or 4 months later at a wildly different price than what you agreed on up front. If you're buying a short sale, you must have patience as the process can really drag on. Because home prices went up so much over the last few years, there really aren't many short sales left on the market.

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