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Tom Sommers' Blog

Realtorology

By Tom Sommers | Agent in Lakeville, MN

Short sale myth #5


"Belief #5)  A short sale in not worth the hassle.

It doesn’t have to be a hassle.  If you choose the right agent to represent you, get an attorney and tax professional involved things can go smoothly.  It starts with a game plan with options.  The first thing is..."

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Comments

By Jack Flash,  Tue Dec 21 2010, 08:28
It depends upon what one means by hassle. It can take take anywhere from 3-6 months to get an answer out of the bank, just to find out what the bottom line number is their looking for. So if a buyer doesn't mind waiting with the possibility the bank might want more than their willing to pay, then there's no hassle at all.

It is true that you need to have the right agent. And that's true for both sides of the transaction. The best buyer's agent can't help much if the listing agent isn't handling things properly.

But even if there are very competent short sale agents on both sides, the bank can still be very unpredictable and louse things up in a truly fabulous fashion. I've seen quite a few properties get sold out from underneath a pending short sale because the foreclosure department wasn't talking to the short sale department. The banks need to pull their weight too. And so far, I haven't seen too much evidence that is happening.
 
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