About Short Sales

The area of short sales has been the most difficult for buyers and sellers to understand and it is still evolving. The term “short sale” is in itself confusing to many because the process requires patience and is generally not “short”. A short sale is the sale of a property in which there is more owed on the property than its current market value. The lender is offered an amount less than what is owed in order for that lender and the homeowner to avoid the more expensive and longer process of foreclosure.

This market and sometimes grouped with foreclosures is sometimes known as the “distressed property market”. Gibson Group recognizes this as a critical part of our changing economy and an area which has much stigma and where many need help. Rick Gibson has sought and obtained a specialization in this area and is a CDPE (Certified Distressed Property Expert). This certification provides many clients of Gibson Group with a better understanding of the process of short selling their homes, and/or of buying properties listed as short sales.

Short sales, due to the way properties are marketed on websites and the growing reliance on websites by consumers to study real estate can be confusing since most of the short sale listings do not identify in the remarks or the listings that they are short sales. Therefore, it may “appear” they are priced really low and they may be, but until there is a contract on the property and the lender “agrees” (called the short sale approval) to accept that price that is less than what is owed, then the price can be relatively meaningless.

Many buyers have become very frustrated with Realtor and real estate because they did not fully understand the risks of buying a short sale. There are many ways to determine the risk level and likelihood for success but perhaps more than any other area in real estate it is crucial to contact someone with specialized training in this evolving field. Contact Rick Gibson, as a Certified Distressed Property Expert (CDPE) or another CDPE certified Realtor.

Unlike many other sites and venues, the properties listed here are “filtered” in such a way they are all short sales.