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Mary Ellen Murray's Q&A
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Mary Ellen Murray wrote:
buy short sale or wait for foreclosure?
Answer
Short Sales can take as little as 2-4 weeks or 2-4 months to complete. The lenght of time it takes to receive a response from the Lender depends on how many mortgages the seller has and with whom, agent's knowledge and dedication to work with the Lender and Seller's hardhsip. Unfortunately, 80% of my business over the past year has been working with short sales. I have found that in many cases the Buyer, if patient, has been able to get a better deal with the short sale vs. the bank listing it as a foreclosure. From personal experience, with regards to the banks I have dealt with, the quickest one to close was 45 days and the longest 90 days. Considering that the average traditional re-sale occurs in 30-60 days, it is not that much longer a wait, it just seems like it since you are in a "holding pattern" until the bank(s) respond. The downside is that you wait and the bank declines the offer. Personally, I have not had this occur, but it always a possibility.
Where would I find a map covered by this hoa or more info on the HOA?
Answer