Hi PK.
A lot of good information has been given. As you can see, there is good and bad with short sales. Each day the good gets better though.
Investor/Banks are slowing coming to an understanding that there is generally more financial benefit to a short sale verses foreclosure. The latest stats indicated the investor nets about 15% more on a short sale.
Another good stat is that more short sales closed escrow in the last few months than ever before. Most of this is due to the fact that the banks (actually loan servicing companies) have the infrastructure and staff to better deal with the complexities of a short sale. On the back side they are a VERY convoluted transaction.
Depending on who the loan or loans are with will determine much about your success.
We have a web site dedicated to providing information about short sales that may provide more answers. I know you are working with another agent, and we simply offer our site as a place to gain knowledge. Go to
http://www.short-sale-phoenix.com or use the link below.
I'd say your chances of success, in general, have never been better.
- Sat Dec 5 2009, 08:48