I really would not shy away from buying a
short sale unless you have to have a home right away. Short sales are about 50% of our market. A short sale is a seller that is selling a home at a price less than what they owe on their mortgage. The seller will have to either bring money to the closing table or have a reason for a distressed sale. Seller and listing agent will do market research and come up with a price that they see that similar homes in neighborhood have sold for. Sometimes agents will even under price the home to get a buying frenzy. The seller will then pick the highest and best offer and submit it to the bank.
The bank may have several layers to go through before they will accept, counter or reject the offer. This is what takes time. Plus if there is a second lean on the process, this lean holder also has to go though the various hiarchy of the bank to make a decision.
Yes, this does take time but one will be getting a home that probably will have all the appliances, light fixtures, A/C in working condition. Whereas foreclosures tend to be stripped and not in the best of condition.
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