Short sales are usually priced below market value because the properties need to sell, FAST. Short sales are usually in better condition than foreclosed properties since they are usually still occupied at the time of sale so the appliances and utilities are still in use.
I have a short sale listing that instantly had multiple interested parties. After going through the offers, the seller chose the highest and best offer, which was way above list price. Sounds great so far, right?
Up to that point, short sales are easy. It's the part in dealing with the banks and mitigators that can be tough. The bank mitigators duties are totally out of Real Estate Agents' hands. Sometimes they say it'll take two weeks for a reply and it takes them 4 weeks. When buyers are dealing with short sales, it's crucial that they are prepared for this type of wait. If they are prepped for this, the wait won't seem so bad. If not, it might be a good idea to move on to the next property. Short sales are not your typical real estate transaction, that's for sure!
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