What is a Short Sale?
A fleeting sale occurs when a lender or bank accepts less than what is owed on the finance to avoid a costly foreclosure. Often a bank will choose to accept a fleeting sale if they believe that it will result in a smaller financial loss than foreclosing.
Given the overwhelming losses that finance lenders have suffered due to the foreclosure crisis, they are willing to accept shorts sales more than ever before. All lenders have pre-determined criteria for approving fleeting sales. Multiple levels of conditions and approvals must be obtained and are very common with fleeting sales. The wide range of individuals and processes involved at the lender makes it very intricate and hard to get a fleeting sale approved. This is why fleeting sale deals have a very high failure rate, unless they are handled by an experienced fleeting sale negotiator like us.
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