If a buyer has enough patience, they just might find their dream home through a Short Sale. Back in 2006, right when the market was turning, we were looking for a new home for ourselves. Being our own worst clients, it took several months to find the perfect home listed at a great price. A Short Sale listing. We offered full price and the seller accepted. We waited several months for the bank's approval. In the meantime, the home was decreasing in value but since we really wanted the house, we kept waiting. The bank finally said they'd approve it, but wouldn't pay any commissions, and there was no way the seller would pay it. We were devastated, as we had budgeted that money for improvements and repairs. It wasn't going to close! Luckily, the seller's agent found a way to negotiate for funds the bank had set aside for lien payoffs or buyer concessions for which we weren't asking. It was a close one, but with patience and luck we got our dream home (at a slightly higher price than what was then current market value).
The American Dream is commonly perceived to be synonymous with home ownership. To lose one's home often means to not only lose the roof over their head, but what they feel as their status in society. People in a distressed situation may feel helpless, ashamed, guilty, afraid, or any number of negative emotions that come with losing their home.