Becoming familiar with short sales

Here is a new listing... 1451 McDuff Street, Los Angeles, CA 90026, currently listed at $380,000. Located in Echo Park, a neighborhood with an eclectic mix of homes.
It's a short sale. What does that mean? It means the owners owe more than the "fair market value" for the home and is trying to negotiate with the bank to allow them to sell at a loss. The last transfer date is 2006 for 585k. Short sales seem to be better handled these days and move a little more quickly. A few more steps are involved in the sale, but oftentimes if you have the patience and your offer is the one that's selected it may be worth the wait. Short sales will be around for awhile as the market continues to adjust itself. -- listed by Silvia Arriaga-Martinez, Century 21 Excellence, 562-699-1990