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About Short-sales


My agent adamantly  refuses to show me any short-sales, saying that it is a waste of time. What do you think of buying short sales (process, time, etc)? 
Thanks.
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March 14 2009 - San Francisco
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Answers (4)

Here's the stats for short sales in the Prescott area:  a REO is 6 times more likely to sell than a short sale.

Here's some info that might help:

Short Sales vs. Foreclosures.  What's the best deal?

10 Questions to Ask the Selling Agent Before Putting Your Offer in on a Short Sale

Goog luck and happy hunting!!

:) PS

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March 15 2009
I will always show short sales - however, I drill into my buyers head that writing an offer on a short sale takes lots and lots of patients! You need to be dedicated to that house and the short sale process for it to work. So many times the buyer gets frustrated and we go find a different house and rescind on the short sale prior to the approval of the 3rd party. I feel for the sellers but for me it is all about my buyers and what they want. 
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March 14 2009
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Thanks.
But what happens to the property at the end? Do they to to auction?
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March 14 2009
a very small percentage of short sales actually sell. In phoenix, last month set the record, of 500 or so short sales selling, from over 10,000 on the local mls. Compared to foreclosure REO homes, with nearly 4000 selling out of 10,000. So obviously, it isn't just your agent that finds them difficult everybody does.

You could easily waste half a year on one or two short sales, only to never wind up with a home, so it depends on your goals whether they are worth the effort or not.
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March 14 2009
 
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