So many short sales, so little time. This past Sunday's LA Times Real Estate section featured an extremely informative article on the current phenomena of short sales, what they are, and why one only those with iron stomachs and nerves of steel should get involved....
I did a short sale last year right as they were beginning to crop up. In fact it was so early into it that this particular deal was my first exposure to the term "short sale." Anyway, 3 months into the escrow, my buyers had finally had enough and were getting cold feet on the market as a whole, and walked away literally the day before the bank came back and approved the deal. We would have closed escrow the following day. Turns out they make a good decision, as the condo they had in escrow at $540,000 around a year ago finally ended up closing at $490,000 when it was foreclosed on and sold.
I just lost another one in multiples also. It's a slippery slope, these short sales. I'll be glad when the market's gotten rid of them and things are a little more back to normal. For those that find THAT article informative (which I most certainly did), this companion piece on the possible tax implications of selling your property short is also a must read.
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