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What To Know About Short Sales If You Are a Buyer
So you have been looking at homes and the one you love says "short sale". A short sale means the owner owes more money to the bank than they are selling their home for. You write up an offer, make it your best offer as it takes weeks, even months to get a response from the bank. If you are the bank's first offer, you will have to wait for the bank to assign a negotiator. Then the bank will send out an appraiser and possibly ask the listing realtor to send in comparable sold homes. After all this is done the bank will consider your offer. I have a short sale listing with an offer in May and it took until August to get the approval from the bank. Be prepared to wait. If an offer has already been submitted and rejected or the buyer gave up waiting, you may be able to be approved within a month or less if you are lucky. There are some great deals to be made on a home with a short sale but be prepared to wait, wait, wait.
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