Short sales tend to be the best deals for buyers in most Real Estate markets. One of the main reasons is that the banks take so darn long to process them that only a small percentage of buyers are willing to deal with the painfully long wait.
Some buyers try this lengthy and frustrating transactions only to find that they nearly go crazy and have a nervous breakdown. According to this article from RISMedia more and more First Time Buyers are losing interest in short sales.
Short sales are not for everyone but they normally work out if the listing agent knows what they are doing and if the buyers agent is able to keep the buyers expectations real. Its then up to the buyers to stay extremely patient.
I tell all buyers that your looking at 3-4 months on getting a short sale approved and closed on average. I tell them 2-3 months if they are lucky. Can they go faster? Do they go longer? The answer to both of those is YES.
If you can't take loose ended time frames that ALMOST ALWAYS go longer then hoped then a short sale is not for you. If you have to be out of your current place by a certain time and that time is under 3 months then a short sale is not likely for you.
Short sales are the best deals in most cases, but they will drive you crazy. So take the good with the bad.
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