The Real Deal Miami

Short sales face obstacles

July 07, 2008 03:55PM

For sellers facing foreclosure, short sales can be hard to negotiate. According to a poll by the National Association of Realtors, 54 percent of brokers have participated in a short sale, and 94 percent of them say they faced difficulties. Banks try to avoid short sales, and have to answer to mortgage insurers and second-lien holders. If the price is below the amount one of the parties is willing to accept, the short sale is denied. The Real Deal recently reported on the trend.