Wednesday, February 3, 2010

Short Sales -- Ugh!

I've been wrestling with a short sale now for 4 or 5 months...I know that's not the longest out there, but it's been driving me insane! I got approval on the first about 1-2 months ago...but the second is just dragging their feet. I can't get the negotiator to write the approval letter, even though she has verbally approved the short sale. What in the world could be taking her so long? Is she an imbecile? My recommendation to anyone looking to buy real estate is: avoid short sales!!! They are a nightmare. Did you know that 70% of the people going into escrow (the first time) on a short sale drop out before it closes escrow? That's unbelievable...but I don't blame people for getting tired of waiting. REOs, on the contrary, only have a 12% drop out rate. Not nearly as bad.

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