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Friday, June 19, 2009

How long does a “short sale” take?

The short answer (no pun intended) is a long time sometimes!

If you look at the Brevard MLS system you will find some very attractively priced homes. And some folks looking for deals in this market are considering selling their current homes for less so they can take advantage of buying more home now.

Many of these homes are listed as a “short sales.” In a short sale the probable selling price will be less than the mortgage so the lender (third party) will have to approve any contract.

In a short sale a lender may consider multiple offers. You may not be the only one who puts an offer on the table. In a short sale, the lender may reject all the offers.

Because of the uncertainty of closing the deal, buyers of short sales need flexibility in their schedules! It may take 60-90 days. Some close sooner; some seemingly drag on forever!

If you have the patience, a short sale may be worth looking into!

If you are in central Brevard County and a short sale may be in your future – as a buyer or seller - call me to discuss how I may assist you.

Gary Waters, Century 21 Baytree Realty, Rockledge, Florida. Call me directly 321-693-3850 or email me at agent@moving2brevard.com.

Please read my blog at www.gwatersc21.activerain.com.

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