I know I’ve written about this before – but short sales are a misnomer if ever there was one. They get their name from the fact that the homeowner is a little “short” on funds to pay off the loan, even if the house sold at full price. Even if the escrow and title fees and the excise taxes and real estate commissions weren’t subtracted, they still wouldn’t have enough money to pay the bank(s) back the full amount of the loan.
It’s ironic, then, that some buyers think, “A short sale! Financial Distress! I’ll get a good deal!” And, indeed, it can happen. It doesn’t usually happen in the Tri-Cities market because we have low supply and high demand, which keeps values up. However, as this story relates, due to the extensive time spent, seemingly endless negotiating and pounding headaches incurred, I don’t know how much “saved” money is worth this kind of experience. The title the Consumerist gave it says it all – ” What’s it Like to Buy a Short Sale House? (Hell,with Benefits)”
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