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Shorter Short Sales Are Coming
The dreaded short sale…you find a property at a great price, make an offfer, and wait. Many times the bank takes months to respond, creating frustration among buyers, sellers and agents. I personally groan when I pull up properties for clients and see they are short sales; although I do show them to my buyers I tell them up-front that it could be a long time until the bank responds to their offer, so not to give up searching for other properties.
As a lisitng agent of short sales I feel I have a little more control, but only because I am willing to bombard the lender daily–multiple times a day if necessary–to get paperwork and answers. But as agents dealing with these types of properties know, every lender has it’s own policies and every short sale can be dramatically different from the previous one...but maybe not for long.
The newest buzz is that one of the largest lenders, Bank of America, is switching over to a new short sale system that will make the process easier for everyone involved. They are doing this via an electronic platform that will allow them to streamline the process, eliminating mounds of paperwork files ... more

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