Essentially what the other agent stated in quite correct. Short Sales are situations where the seller owes more than the property will generate on the open market, typically has stopped paying their payments and their lender has started a legal process and it is up to the seller's lender to approve the short sale or deficiency. It is a slow process offering very good value to purchasers. Consequently, if you were to pursue a short sale property, you should be prepared in most situations for a 60-120 day period from the time the local owner/seller agrees to your terms and the seller's lender written response to the offer. It requires patience and time on your part. My principal recommendation on short sales, as we have worked with numerous customers is that if Bank of America is the seller's lender, it will be a very slow process, on average taking 6-9 months, so most buyers shy away from entering into agreements on Bank of America held properties. BOA has started a new data base entry process for short sales so we will see if that helps reduce the time.
Feel free to contact me for further information or future assistance.
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