JUST SOLD: $600,000 short sale within walking distance of Siesta Key Beach This 5 bedroom, 3 bath home within minutes from the beautiful Siesta Key Beach just closed at the price of $600,000. This was a short sale transaction, which presented some typical challenges along the way, but closed with the satisfaction of all parties involved. A Short Sale transaction means that this is a sale for less than what is owed on the home. The bank must approve the seller to sell this way, as they have to provide evidence that they cannot pay off the note and not all of these transactions are approved. Once a contract is submitted, it typically takes an average of 3-6 months from contract to closing but they vary greatly. The majority of short-sales that Shayla has handled have fallen into the 3-6 month category with many these days closing in 90 days! Both Buyers and Sellers face difficult and unique problems when dealing with a short-sale. As long as each party is educated by their agents and know what pitfalls and hurdles could come their way, the process isn't as painful as it could be. Unfortunately there are no set guidelines that fit every transaction. You should always expect delays with a short sale and having a professional agent to guide you is crucial. There are different reasons why the transaction may be delayed. Some of the most common are: the buyer not wanting to wait for a reply from the lienholder; the seller not wanting to move out or in denial that the have to sell their home this way; paperwork issues; loan delays; etc. If you are considering entering a short sale transaction as a buyer, you should know that just because you offer full price does not ensure acceptance by the bank. They can counter any of the terms presented in the initial contract that is signed by both the buyer and seller. With the changes in the local market, lenders are looking at prices closer to market value whereas during the Recession, they were willing to accept lower offers. These are changes an experienced realtor is aware of and will consider when advising you on a short sale transaction! In close, despite it's name, a "short sale" is NEVER short. They should deem them the "long sale." So working with a seasoned Realtor who is an expert in the distressed property transactions will save you a lot of grey hairs and stress along the way!