The Real Deal Miami

Short sale deals fall through

August 06, 2009 09:23AM

Many homeowners who thought they had arranged short sales, or sales of their homes for less than the amount owed on the mortgage, are seeing their deals fall through. Many banks are walking away from short sales because the short sale process is often delayed by lenders, inexperienced real estate agents or homes that are too underpriced. A Campbell Communications survey of 1,300 real estate agents found that only 23 percent of short sale offers actually close. As short sales fall through, the houses go into foreclosure instead, contributing to the housing crisis.