Keep in mind that only about 5% of all "Short Sales" listed actually close. Banks do not like to relieve the Sellers debt and accept less than they are due. By doing so they loose the advantage of clearing subordinate debt such as 2nd and 3rd mortgages, and other liens that may be attached to the property. They also may loose claim to any mortgage insurance that would help to make them more whole on the property.
I have seen deals fall out even though the Buyer was able and willing to pay cash and the full appraisal value of the property! Count on this home being sold when the Buyer takes possession and not before.
Luckily, there is another home in the same floor plan for sale in this neighborhood that is priced below MLS# 877153 and is a Bank owned property. If youâ€™re interested then give me a call.
Max Schmidt 702-334-2200