Monday, October 03, 2011

Homebuyers giving the boot to short sales

Short Sale homes for sale (when a seller will need to sell at a price that will net less than he/she owes on mortgages and must get seller lender approval on sales contract) are having less and less appeal to buyers.  Mistakenly, many buyers believe that the term means that the sale will be quick. Buyers also don't realize that short sales are sold "as is", with the seller making no repairs after buyer inspections.

"Buyers complain that short sale transactions take too long to close, with approval times often taking several months after a buyer submits an offer."  That is, IF they receive approval.   Most short sales contracts never close, forcing buyers to start all over again after waiting months.  Link

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