Short sales can be a great opportunity for buyers and a necessary solution for distressed homeowners. However, many misconceptions surround them. Let’s clear up some of the biggest myths:
1. Short Sales Are the Same as Foreclosures – ❌ False
A short sale happens when a homeowner sells their property for less than the remaining mortgage balance, with lender approval. A foreclosure is when the bank seizes the home after the owner defaults. Short sales are often less damaging to credit and more controlled.
2. Short Sales Take Years to Close – ❌ False
While short sales can take longer than traditional sales, they don’t always drag on for years. With an experienced agent and cooperative lender, they can close in as little as 60–90 days.
3. Short Sales Are Always a Great Deal – ❌ Not Always
While short sales can offer discounts, they aren’t always “steals.” Lenders want fair market value and may not approve lowball offers. Buyers should still do inspections and research repair costs.
4. Only Distressed, Unlivable Homes Qualify – ❌ False
Short sales happen due to financial hardship, not necessarily poor home condition. Some are well-maintained homes in desirable neighborhoods—especially when owners simply can’t afford payments.
5. Any Homeowner Can Request a Short Sale – ❌ False
Lenders require proof of financial hardship (job loss, divorce, medical bills, etc.) before approving a short sale. Homeowners must prove they can’t afford their mortgage and have no better options.
Final Thoughts
Short sales in Dallas can be a win-win for both buyers and sellers, but they require patience and expertise. Working with a knowledgeable real estate agent is key to navigating the process successfully.
Call us at 469-269-6541 for more information about McKinney real estate!
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