Tara Nicholle Nelson begin her article of short sales complaints with the following introduction:
Roughly forty percent of the homes for sale on today’s market are short sales and foreclosures! Distressed properties are well known for their value (a reputation which is sometimes accurate, and sometimes not), but they also have a reputation for causing buyers to become distressed, too!
Having been through the short sales process with my clients, Tara’s article is a must read if you as a buyer are contemplating the purchase of a ‘short sale’.
Great detail on the following (5) key ‘short’ points;
- 1. Run-on (and on, and on) escrows.
- 2. Bank won’t take lowball offer.
- 3. Last minute postponements/cancellations.
- 4. The bank’s black box.
- 5. Double standards.
and the key feataure of the article, responses to the complaints
by providing a detailed: “Avoid the drama by:” suggestions