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Just wondering? I hear it's a time consuming process and you might risk getting a place with a ton of problems. I heard horror stories about plumbing problems (a friend bought a house where the previous owner poured concrete into the toilet).
I've been helping a seller with a short sale for 11 months. If you don't have the stomach for the game, don't start playing. On a short sale, you need to be in it for the long haul, no matter how long it takes for bank approval.
Guess I was lucky. We bought a (newer) foreclosure (REO) that was in excellent shape. The transaction went smoothly except for our idiot loan officer. The house had actually been under contract pending a short sale approval when it went into foreclosure. I'm sure those buyers weren't too happy when we swooped in and bought it.
During the course of our house hunting we looked at several other foreclosures which were in horrible shape.
Short Sales and Foreclosures aren't going to be cheap on the westside. There is still a market price and high demand. With the rapid appreciation in that area, people feel that they just need to hold it for a couple of more years to get back to their loan value.
There is a "short sales" near me that has been listed for over a year, the price has bounced around from listed at 400 to increase to 460 now down to 459,999, it has entered an fallen out of escrow twice. I don't think the owners are actually trying to sell it.
Banks can get to be a real PITA in a short-sale. Really don't want to accept less than loan value. However, in the first part of the year, more willing to deal as they have a certain inventory level they will deal with.
But, even with a lot of documentation, they can back out, and force the property into foreclosure. Actually works better for the bank since they have insurance on the loan if it goes bad, make out better. That is why short-sales are so hard to get through.
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