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Short Sales can be a Great Thing for All Despite Timeframe & Lowballs

Part 2 of Distressed Properties are NOT Black Holes!, a six part series.
Not all Short Sales, also known as pre-foreclosures, are nightmares. The right real estate agent makes all the difference. Yes they are more complicated because it is not just a transaction between a seller and a buyer. A third party (bank, mortgage company or debt collector - I'm going to use the term "bank") has to be consulted every step of the way.  Many people have heard of or been involved in a Short Sale that drags on forever; banks take forever to respond, if they respond at all. This does happen, but it should NOT.
Timeframe with Short Sales
First, the bank needs to be informed that a Short Sale is being attempted. Banks handle delinquent mortgage loans in many ways but the loan information will NOT be shifted into the correct Short Sale department until the bank is notified that a property is listed for sale. "Transferring" the loan from one section to another can take several business days.
Personally, I get written seller authorization to work with the bank along with the listing agreement. That is also when I get the other important pieces of ... more

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