The term ‘short sale’ makes one think of a sale that takes place quickly.

A short sale is so named because the money paid to the lender when the house is sold is a bit short of what is owed.

That’s what is meant by short sale. It has nothing much to do with the time factor.

Because the lender must take less than is owed it takes some time to get approval of this idea. A house may sell for $120k, but the homeowner owes $125k on it. This means that the buyer, usually an investor, will be offering the bank $120k for the house, leaving the bank just short of what is owed them.

There may be many people involved in a short sale as the loan may be owned by other than the original lender, there could be lien holders that need to be paid off, and individuals that may have an interest in the home. The real estate deal may be argued by the lawyers for the bank, the lien holders, and the owners, as well as for the buyers. It can get very complicated, which is why it can take so long.

If you think you might be in need of a short sale due to pre-foreclosure or foreclosure status on your loan, it might be best for you to call an investor. They deal with these sometimes difficult real estate issues all the time and are accustomed to talk to the banks about it. They know what needs to be done.

Investors know the paperwork that must be used to make it legitimate, they know who to speak to within the bank networks, and they are well versed in the process. An investor may be your best chance to get the house sold in a hurry and get the lender paid off so you can go on with your life and start fresh.

Credit considerations are also something to consider. Short sales can usually be hard on your credit score, but it’s possible in many cases to downplay the effect. A foreclosure will most certainly be a much more dramatic impact on your credit score, and the impact will be negative.

The alternative, staying in foreclosure, is not a good option because you know where that will lead. By calling an Atlanta real estate investor you may have a chance to redeem at least part of the situation.

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