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Released: May 17, 2011

Why are short sales so long

Source: David Lazarus, L.A.Times (Free Registration)

The housing market may be on the ropes, but Curt Beck was ready to come out swinging. He offered $385,000 for a three-bedroom house in Acton. The seller was happy with the terms. But it was unclear if the mortgage holders would allow the deal to go through. Beck, 56, is typical of many would-be home buyers trying to navigate what's known as a short sale — when a property is sold for less than the outstanding mortgage (or mortgages). Real estate experts say this can be a particularly challenging process, complicated by lenders trying to squeeze as much money as possible from a transaction, even though a failed deal often results in the property being foreclosed on. The situation has grown so problematic that the California Assn. of Realtors recently ran ads in newspapers statewide saying more needs to be done to assist homeowners on the verge of foreclosure by expediting the short-sale process.

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