Happy Saturday! It’s 5 O’clock somewhere, right?
…And a Holiday weekend to boot, so technically happy hour can be any hour!
Today I’m mixing up a refreshing citrus cocktail and talking about short sales.
First things first, let’s gather the ingredients:
Tito’s is my household’s vodka of choice so I always have it on hand. You will also need 2 grapefruits, 1-2 limes depending on size, mint leaves, and a can of La Croix’s 100% natural Grapefruit flavored sparkling water.
Fill your glass with ice. In a separate shaker, add ice, 1.5oz vodka and mint leaves. Cover and shake. Strain into glass with ice. Add fresh squeezed juice of two grapefruits and one lime. Top with La Croix. Garnish with a lime wedge and some mint leaves!
Now that our thirst is quenched- let’s have a quick chat about short sales.
Many people confuse short sales with foreclosures. When a seller is trying to short sell their home, they are trying to sell it for less than what they owe on their mortgage. This is often the case when the seller has fallen behind on their mortgage and is in danger of being foreclosed upon by their lender. This generally means the seller is still living in the home.
Let’s say the seller owes $300,00 to their bank and they get a buyer under contract who is willing to pay $275,000 for the house. They will take the $275,000 contract to the bank and say, “hey, I know I owe $300k, but I have a buyer who is willing to give you $275k”. The bank will then have to decide whether or not it is willing to forgive the $25,000 gap and allow the seller to sell the property short of what they owe, or if they will move forward with foreclosing on the property.
Short sales are good for buyers in that they can acquire property for less than market value. However, the biggest challenge is that despite the name “short sale”, it can be a lengthy process as banks generally take from 3-9ish months to approve the sale.