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Guy Ghanem
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About:
Serving Las Vegas since 1994. Specializing in Buying, Selling, Investment, Relocation, Short Sale and REO.
Whether you are buying or selling a home, ... show more
Whether you are buying or selling a home, ... show more
Guy Ghanem answered:
If she is being told that it's a 4-6 month wait, then your mom is most likely attempting to buy a short sale property not a REO (Real Estate Owned) or bank owned. Bank owned homes typically give a response within 5-7 days and close in 30 days. Short sales have many hurdles and red tape to get through which is why they typically take longer. Although the offer is substantially lower, by the time the bank comes back with an answer, the property value will most likely be in line with your offer.
If you or your mom are not familiar with the process, ask your agent for a full explanation of how short sales and REOs work.
Good luck.
If you or your mom are not familiar with the process, ask your agent for a full explanation of how short sales and REOs work.
Good luck.
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