Another Buyer Walks Away From A Short Sale!

Buyers, I know this is your market, but for heavens sake, if you want a really good deal you have to wait for it! You can't put in a ridiculously low offer on a short sale and expect the lender to jump through hoops to lose tens of thousands of dollars. They really are not that motivated to lose money.

I know, the rationale is that they will end up foreclosing and losing even more money, but short sales are just not that simple. Since most mortgages have been sold and re-sold, then cut up into securities and sold again to many different investors, all investors involved must agree to the short sale. And if and when that happens, it will take a considerable amount of time to complete the process.

So the next time you decide to purchase a short sale, evaluate the market and offer fair market value and then be prepared to wait (yes, 90-120 days is typical). I guarantee, you will be richly rewarded for your patience.