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Top Reasons to Avoid Short Sales
I have many clients who ask me what are my thoughts about short-sales. My answer is SIMPLE…”STAY AWAY FROM SHORT-SALES!” The experience of a short-sale can be a sobering and depressing one, especially for a first-time homebuyer.
In my attempt to explain to homebuyers why a short-sale is not the best choice for your first homebuying experience, I have created a list of reasons as follows:
1. Time-consuming: The short-sale process has not been streamlined so there is not set procedure for the whole process. Each bank has their own rules and timeframe for dealing with short-sales. A short-sale can take anywhere from 3 to 8 months for approval and actually getting keys at settlement.
2. No Guaranteed Outcome: The main problem with the short sale process is simply lack of COMMUNICATION. In most banks, there are two departments: 1)short-sale dept. 2)foreclosure dept. Neither of these offices communicate to each other regarding a particular property. Even though a property is approved for a short-sale, the foreclosure department is still proceeding with the foreclosure. There are many instances after 2-3 months into a short-sale, the seller and buyer will be surprised to find out the property has gone into foreclosure and will ... more
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