The fact is, I've closed more short sales and REO (real estate owned -- by banks) this year than the traditional types of private party sales. Some statistics show that 40% of homes for sale now are indeed short sales.
Now I don't go looking for short sales necessarily. They are just so prevalent these days that my (buyer) clients seem to snag them faster than I snag dog fish while salmon or halibut fishing. Short sale response times so far this year are averaging about 4 months for me.
Here's a good article, if not a bit wordy, that gives prospective buyers of short sale homes five tips to help them endure the frustrating process. Meanwhile, my next short sale closes this Friday. I should note that I represent banks and list REO properties regularly. Bank-owned REO's tend to provide a much quicker response time than do short sales. That's a distinction worth making.
Casey
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