Short Sales Suck ! - 7 Reasons Why!
With all the REO properties on the market, there is little reason to deal with short sales
Short sale specialists will tell you that you are missing the boat if you are not involved with these transactions in the greater Phoenix real estate market.
I completely disagree!!
Here are 7 Good Reasons not to get involved with short sales.
- Average time to get acceptance (or more likely a denial) from a lender is more than 75 days. Some agents say longer.
- There is no guarantee the offer will get accepted at or near that price because the majority of Realtor list homes at random arbitrary prices that they think or hope the banks will accept.
- estimates as high as 80%, some say 90% of offers on short sales do not consummate in a closed escrow
- 3 month waiting periods prevent buyers from looking for other houses which often result in opportunities lost.
- REO /lender owned listings are now priced as well or better than short sales. Make your offers on these homes.
- Lenders are more inclined to reject offers that do not have financing with large down payments. Many FHA offers are rejected due to high decline ratios and lengthy underwriting times.
- Banks are just not cooperative. In most cases, they prefer to reduce current REO inventory. Further, they can often collect PMI from insurers if the home actually is foreclosed upon.
I have prepared short sale packages for approval for sellers. I have negotiated contracts with bank asset managers. I have represented buyers with success. I have watched buyers wait and wait and miss out on other opportunities.
If you are thinking about buying a home, skip short sales. They Suck!
Instead, make offers on the many REO and lender owned properties on the market.
There are REO at as much as 50% discount to 2005 prices in Phoenix, Scottsdale, Carefree, Peoria and Fountain Hills.
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Copyright © James Wexler *Short Sales Suck ! - 7 Reasons Why!*
If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done.
Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short Sales
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