This is just a word of advice to consumers out there regarding short sales. Many people are encountering the following situation. You make an offer and the agent issues a counter-offer, which generally means that your offer has been accepted and that the escrow process has started. However, don't be quick to make that assumption when dealing with short sales. In the short sale process the bank is the one that decides whether or not to accept the offer. If another offer comes in prior to the bank accepting yours, then the bank can and will accept whichever offer is larger. I have heard of situations where clients got all the way through the escrow process, to where funding was to occur, only to learn that the house was sold to someone else at the last second to a party with the highest bid.
Short sales can be a good investment, but I just want consumers aware of the traps that can be associated with them.
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