As distressed properties, short sales are one potential source of a "deal" in real estate. That said, they can also be quite a hassle.
Positives:
Lower Costs
Better Chances Depending on Lender & if Seller is Working with Short Sale Attorney.
Short Sale Attorneys Can Help
Negatives:
1. As-is
Lender Approval Required
No Seller Repairs
Discount Margins Have Fallen
They Should be Called Long Sales
Fake List Prices Not Agreed to by Lender
Short Sale Attorneys Typically Aren't Free
When Buyers Should Avoid Them
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About the Author: Adam Garrett - 3rd Generation REALTOR®
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