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short sales
by J (FL)
on October 19, 2014 @08:08
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For the last couple years I've seen far more short sales available in my area of Florida than REOs...I've had a feeling for awhile now that the days of scooping up REOs are over for the average investor...although the big wholesalers who have connections with the asset managers at the banks will continue to get them...
You CAN orchestrate a short sale yourself and cut out the realtor commission/realtor...however this is a lot of work...it requires direct marketing to those in default, and understanding the specific lender's negotiation process and requirements. You need to know exactly what you're doing if you go this route.
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Re: short sales
by Katiekate (New York)
on October 19, 2014 @10:15
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I have been on the buying end of short sales.
One never closed. After 18 months of playing games with the banks, I finally walked away. Total waste if time.
I have friends that have been on both ends...not one "deal" ever closed. The banks drag it out until the house is foreclosed.
Short sale is only for those with lots of money to have tied up in earnest money and lots of time to hope the bank finally allows it before foreclosure happens.
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Re: short sales
by J (FL)
on October 19, 2014 @22:15
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Katie I successfully bought one...took about 10 months from the time of the initial offer to closing. They do work sometimes but you have to have the patience for it and either know how to do it yourself or have a good agent who understands how the short sales work.
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Re: short sales
by Monica (Ohio)
on October 20, 2014 @23:48
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It works if you are working with a closing company that understands it. We bought one, not only was it a short sale but an estate with 22 heirs to sign off. I had not expected it to go to close, it took 7 months and a judge to order the sale when the bank tried to back out of the deal.
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