If a short sale is successful, the seller gets out with less than a total credit debacle, and the bank forgives a good portion of the seller's debt, and the buyer gets a good buy (unless the market continues tanking). I was avoiding looking at short sales because they're complicated and the process is not smooth at all. But the listing agent unscrupulously removed the fact that "pending bank approval" on a listing, my broker took me over, then we found it was indeed a short sale. Its a nice house, the seller very much wants out and preserve what credit he can. So I made an offer but I'm not too emotionally involved and am still looking at other homes, because I've heard banks take as long as months to either reject or counteroffer (and rarely just flat out accept).
Generally short sales are a lot of work for all involved, that's the problem, and i hope the process gets streamlined.
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Originally Posted by I_Love_LI_but
Yes, I suppose I would if it were an official short sale and they didn't have much time to get out before foreclosure struck. I guess what I really mean is if I were house hunting I would prefer not to look at or bother with homes where the owner is overextended and wants/needs more than the house is worth. Buying a home should be a happy time; not a time to feel like you are adding to someone's misery when you won't meet the (usually unrealistic) price they desperately want/need.
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