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Replies (6)
- David Winter, "David Winter"
- Contributions:42
Being in the military should have no bearing on whether you pursue a short sale or not. The real issue is the time frame. Many short sales take quite a while to process (90 plus days or more just to get an apprival from the bank).
Having a move in deadline and trying to purchase a short sale do not normally go hand in hand.
- Rita Gibbs, ALHS., "realtor_rita"
- Contributions:110
I agree with the previous answer.....a short sale is not the best idea for your situation. The short sales my clients have purchased have taken between five and seven months to complete. This is not unusual. You would be better off looking at REO properties ( foreclosures) which are can usually be purchased within a time frame of 45-60 days. There are many REO's available and more coming, so you should have a good selection when you arrive.
most short sales never close. So, you could get a contract, wait 5 months, find out the home foreclosed, repeat the process a couple of times and years have gone by...
On the other hand, with prices poised to drop again, that wouldn't be all bad.
On the other hand, with prices poised to drop again, that wouldn't be all bad.
- susan denis, "SusanDenisRealtor"
- Contributions:304
I agree with most of the points made by others, but there are certain situations where a shortsale pursuit is worthwhile, but it'd take having all of the stars aligned! If the shortsale is with one lender only, and especially if it's been pre-approved, you might find you can get it done in 2 months or even less time. Often buyers tire of the process and have been looking at other non-shortsale properties all the while. So the bank's notice of agreement finally arrives only to find that the buyer has moved on. So... a longshot, sure, but if its the perfect home & location, worth looking into these particulars. Another thing to have your realtor check into is the shortsale's listing agent. There are very few true shortsale specialists with tried and true experience...it's important to look into who the listing is listed with. I refer all of my shortsale listings to a Realtor who is closing them right and left, difficult job that I know I can't do.
- James Bradbury, "James Bradbury"
- Contributions:7
If you have patience short sales can be a good thing. I closed two recently. One took almost a year with BOA (pre Equator) the other with Wells which took about 4 months. Be prepared to receive a counter from the bank. Good luck!!!
- Kate Herk, "kateherk"
- Contributions:3
I agree with the previous advice. Short sales can be great deals for buyers in a situation that does not require a specific time frame. There are no guarantees with short sales, and time frames cannot be met often times. Good Luck!
Short Sale in Tucson?
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