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what are the pros and cons of a shortsale?

  • November 26 2012 - Vacaville
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Answers (6)

Pros (for purchasing):  1. It can be really good only if your offer is the one submitted for approval, or else everything else is pretty much a negative.. 2. Generally you get it at an "REO" or slightly under "REO" price...generally speaking short sales are in better conditions than REO so you can really "come up" on some good buys

Cons: 1. Time (it could take 2+ months to get a reply from the bank if it isn't already marketed at a lender accepted price) 2. No guarantee agent(s) involved will not drop the ball and let the home go into a trustee sale 3. No guarantee the home will close--especially if you are in the back-up position...

Best wishes from So-Cal and good luck
  • November 26 2012
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I just wrote a blog post on short sales. check it out here: [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines] hope you find it helpful. Bob
  • November 26 2012
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Hello,

 Are you looking to purchase a shortsale or sell your home as a shortsale?

Thanks,
 Kimberly
  • November 26 2012
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Purchasing.

  • November 26 2012
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A short sale can affect your credit rating the way a foreclosure can, but the fees are reduced. A shortsale can also take a longer time to close, but it can prevent a foreclosure. You don't have to sell a home for less than you owe to use a shortsale.
  • November 26 2012
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Purchasing a short sale, or doing a short sale on your own home?
  • November 26 2012
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