Re: short sales - Landlord Forum thread 325918

Re: short sales by Katiekate (New York) on October 19, 2014 @10:15

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	[ Reply ]

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.

Re: short sales by Monica (Ohio) on October 20, 2014 @23:48	[ Reply ]

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.