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Short Sales- Pursue or Run?
One of the questions I am most often asked is about the short sale process and whether  my buyer clients should pursue them .  Short sales continue to possess a very negative connotation but they remain very opportunistic.  Here are a few points to consider when consider a short sale:
·         Can you wait the 3-6 months for lender(s) approval?  What will happen if you’re at square one if the deal doesn’t go through?  
·         Is the seller motivated or just trying to delay the foreclosure to have a place to live for free? An unmotivated seller will spell doom for any transaction.
·          Is the seller contemplating a bankruptcy? A bankruptcy filing is also a death nail for a transaction.
·         Is the listing agent experienced and/or knowledgeable about short sale process? Don’t be fooled by a CDPE or other certification (Certified Distressed Property Expert). This certification does not mean the agent has ever closed a single short sale.
·         Is your buyer’s agent committed to the transaction? Many agents don’t want to deal with short sales because of the uncertainty?
·         Who’s negotiating the sale with the lender(s)? The agent or third party?
·         Is the property an investment ... more

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