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Sunday, September 11, 2011

Short Sales…How Long do they take? Can a buyer skip the process?

I routinely provide answers to the online service “Ask a Realtor®” where the general public has an opportunity to ask and receive responses to their real estate  questions.  Most of the time I limit my responses to Florida real estate issues such as the recent “Can a Realtor Charge Service Fees?”

Recently I saw an inquiry from a Tampa questioner who wanted to know if he could bypass the short sale process to purchase a short sale that he knows about and really likes.

In my opinion, if it is a short sale, the answer is no.

Depending on who is handling the short sale negotiation (attorney, title company) for the lender the response time could be abbreviated.

If it is a short sale and the buyer wants to make a very attractive offer it may be accepted by the lender but when is the question.

Want to totally avoid the short sale process?   First of all, get your own real estate agent - it doesn't cost you anything!

Then instruct your real estate agent to find out how much is required to avoid the short sale process completely.   If the amount the seller owes is not significant and your offer is reasonable, a short sale may not even be required.   If the home is listed your real estate agent will be communicating through the home owner's real estate agent.

However, with the market values being down so much, the likely scenario is the seller is so far underwater that a short sale is the best and only option.

Short sales are not for those who are on a fixed time schedule nor those who lack the patience for a seemingly drawn out process!  Further, a short sale is not something I recommend a for sale by owner or private individual undertake.

If a short sale is a consideration, let me help you - as a buyer or seller.  Call me directly at 321-693-3850 or email me.

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