Have you reached the point of no return? I meet and speak with people considering short sales almost everyday. Some are ready to begin the process and some are not. I tell each one of them — I don’t talk people into short sales — most people who want to list their home as a short sale know it before they call me. Usually, they’ve already met with an attorney and their tax professional (often one of those professionals recommends the short sale). They understand the tax, credit, and legal consequences, and want to proceed right away because they have reached the point of no return. 
What is the point of no return? For each person it is different. There may be a trigger — your hours are reduced at work, a health event due to the financial stress and strain, or the first month you really can’t make the mortgage payment has finally arrived. These are indeed tough economic times for all. Many of the people that call me have never even had a derogatory on their credit report — often they have used credit cards and depleted savings trying to stay afloat — and then the day arrives when they realize that they cannot do it anymore. They have reached the point of no return and must explore a short sale as a possible solution to their financial difficulty.Buying An Approved Short Sale in the Central Coast Market
What is an approved short sale? Let's start with what a short sale is -- a short sale is where the owner owes more on their loan than their home is worth but they still must sell the home. So, the home is placed on the market and offers are accepted -- subject to lender approval. Lender approval can take months to obtain. An approved short sale is a short sale where the seller has already received approval from the bank. So, usually they list the property at a price that the bank has already indicated that they will accept, and they typically indicate how much closing costs credit and any repair credits the bank will allow.
