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Short Sales, ARRRGHHHHHH!

In all the real estate transactions I have ever been involved in, nothing has come close to the sheer frustration I have encountered dealing with short sales. Every single one I have dealt with was nothing but problems from day one. Hurdle after hurdle is put up in front of you, day after day. Just when you get over one, another appears to take it's place. Then, when the finish line is right in front of you, they move it. If you are going to consider buying one there are some facts you need to know.
1. Don't be in any kind of hurry. I have a had a bank take six weeks to give us a response. If the response is no, you may have lost out on numerous properties that you would have loved.
2. If they do say yes, they may have some whacky conditions they want you to follow. I have had a bank take over a month to say they would accept our offer, only to then insist we close the escrow in two weeks. With a cash offer, that would be possible. With a loan, it will never happen. You would think being a ... more

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