Is It Better To Buy a Short Sale or Wait for the Foreclosure to Happen?
Waiting for an answer on a short sale can be frustrating. A short sale happens when a seller’s lender agrees to accept less than its unpaid mortgage balance to facilitate a sale between the seller and buyer, and banks take a long time to decide. Some short sale buyers wait six months or more for a response. More than half the time, the answer is “No, and don’t let the door hit you on the way out.” Short Sale List Prices are Not Real Buyers gravitate toward short sales for two reasons. The list price is attractive and they believe the seller is desperate. However, neither of those beliefs is necessarily true. Since not every short sale home is in foreclosure, not every seller is desperate. Moreover, sellers often set the listed price unrealistically, hoping that buyers will flock to that listing like moths to a flame
