Short Sales Aren't Short…
245 days on the market. An expired listing. A New listing. Nearly nine months under contract. And one VERY long road to the closing table. Let's talk about 46 E Cloverfield Lane in Hampstead, NC. Because this one deserves a story.
I helped my clients purchase this home back in 2022. Fast forward to 2025… life looked a little different. They needed to sell, but unfortunately, the market had other plans. We listed the home traditionally and spent 245 days on the market. Yes, you read that correctly; TWO HUNDRED AND FORTY-FIVE. And before you hit me with, "Well, why didn't you just lower the price?" I promise you, if it were that simple, we would've been at the closing table a long time ago.
Here's the thing about real estate: sometimes what you owe on a house and what a buyer is willing to pay for it are two VERY different numbers. Life doesn't always give you the luxury of waiting around for the market to catch up, you have to get creative. Enter: the short sale.
We listed the property again in January 2026, went under contract shortly after, and finally closed in October. Again, you read that correctly; JANUARY TO OCTOBER. The irony of calling it a short sale is not lost on me.
So I’m sure you’re asking, “what in the world is a short sale?” A short sale is when a homeowner sells their property for less than what's owed on the mortgage, and the lender agrees to accept the proceeds to allow the sale to happen.
Let's put some numbers to it. Say you owe $350,000 on your home, but the market says it's worth $325,000. After commissions, closing costs, and everything else that comes with selling, you're coming up short (of funds.) In a traditional sale, you'd generally have to bring that difference to closing. But what happens when you don't have that kind of money sitting around? That's where a short sale could come into play. Instead of the homeowner covering the entire shortage, the lender reviews the hardship and decides whether they're willing to approve the sale for less than what's owed… and no, the lender doesn't have to say yes.
I know, I know… why would someone actually want to do that? Well, because sometimes the alternative is worse. Not every homeowner who needs to sell is sitting on a mountain of equity and not everyone has the time, money, or ability to wait another year for the market to improve. People relocate, jobs change, relationships change, financial situations change. Life happens, whether the housing market is cooperating or not.
A short sale can give homeowners an opportunity to move forward when a traditional sale just isn't financially possible. It may help you avoid foreclosure, you may not have to bring a massive check to closing, you get an opportunity to move on, you may have more control over the outcome. There’s a number of reasons, but those just name a few.
Much like anything, before you start thinking this sounds like some magical real estate loophole, let's talk about the other side; because there’s always a catch. I would be doing you a huge disservice if I told you short sales were all sunshine and rainbows; they're just not. Your credit can take a hit… especially if you've fallen behind on payments. Depending on the type of loan you're hoping to get next, a short sale may affect how soon you can purchase another home. You could still owe money… a lender agreeing to release its lien so the home can sell doesn't automatically mean it's forgiving every dollar of remaining debt. That needs to be addressed in the approval terms. There could be tax consequences… forgiven mortgage debt can sometimes be treated as taxable income, depending on your circumstances and applicable exclusions. And the timeline? Good luck putting that on a calendar… which brings me to my next point.
A SHORT SALE IS NOT A SHORT PROCESS. I cannot emphasize this enough!!! You could have the perfect buyer, a signed contract, everyone in agreement and STILL be months away from closing. Why? Because the seller and buyer aren't the only people making decisions anymore. The mortgage lender has to approve the deal, too. They're reviewing financial documents, hardship information, property values, closing costs, and how much money they're willing to accept. Sometimes, when you think you've finally submitted everything they could possibly need, they come back asking for something else. Then something needs updating. Then another department needs to review it. Then you're waiting on approval. And suddenly, your January contract is closing in OCTOBER!! Ask me how I know… This isn't meant to scare anyone away from a short sale. It's meant to set realistic expectations. Patience isn't just helpful in these transactions. It's practically a requirement.
Not every successful closing comes with a big fat check and we need to talk about this more. Social media is FULL of people celebrating appreciation, investment properties, equity, and record-breaking sales. Not to sound like a hater, because I do love all of that but that's just not every real estate story. Sometimes the market shifts, sometimes life throws you a curveball, sometimes the house you bought a few years ago simply isn't worth enough to cover what you owe and the costs of selling and sometimes the best financial decision isn't the one that makes you money… sometimes it's the one that keeps you from losing more. For my clients, we'd already spent 245 days trying to make a traditional sale happen. We didn't jump straight into a short sale because it sounded fun. We explored our options, looked at the numbers, and had some very real & challenging conversations about what made sense. Ultimately, we had to pivot. That's part of my job, too. I'm not just here to put a sign in your yard, take pretty pictures, and celebrate when things go perfectly. I'm here for the complicated stuff; the uncomfortable conversations, the transactions that require a little more work, a LOT more patience, and a willingness to figure things out when Plan A isn't cutting it.
If you've made it this far and haven't taken anything else away from this, PLEASE let it be this: If you're upside down on your mortgage, struggling to make payments, or need to sell but don't have enough equity, do not assume you're out of options. And for the love of all things real estate, don't wait until you're staring down foreclosure to start asking questions. The sooner we have the conversation, the more options we may have to work with. A short sale isn't always the answer. There may be other options worth exploring with your lender, including a loan modification or another type of mortgage assistance. But doing nothing and hoping the problem magically fixes itself? Probably not the strategy I'd recommend.
With all of that being said, 46 E Cloverfield Lane is officially SOLD. From helping my clients buy in 2022, to 245 days on the market in 2025, to a short sale that took us nearly nine months to close in 2026. It wasn't quick, it wasn't pretty, it certainly wasn't the original plan and I dropped the F plenty, but we got it done. Proud is an understatement.
Your real estate journey doesn’t have to be easy for me to be willing to show up to it! Whether you're buying your first home, selling your fifth, building an investment portfolio, or trying to figure out how to get out of a house that's no longer working for you, I'm here for ALL of it. Not just the easy transactions, not just the ones that close in 30 days and definitely not just the ones that make for a pretty Instagram post. 45 days or 245 days. Plan A or Plan Z. I'm along for the ride.
I can't promise you there won't be bumps in the road, but I can promise you I won't disappear when things get complicated. I'll advocate for you, keep pushing for answers, and do everything in my power to get us to the closing table. Because getting you to the closing table is the goal and I'm not afraid of a little work to get us there.
Thinking about buying or selling in Coastal North Carolina? Let's talk. Even if your situation is a little messy. Especially then.
With love,
