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Real Estate Short Sales

Pertinent short sale update

Due to the shoddy title work that was done in the previous few years, many title issues are surfacing that are taking an inordinate amount of time to resolve and may, in fact, not be resolvable. There has been much talk about new rules and regulations that are supposed to make short sale purchases more "user friendly". These rules are in place, but, they are not necessarily being adhered to by the Lenders involved. Therefore, it is still taking a lot of time to move deals along. Additionally, FHA rules are tightening up for Buyers and properties. It is harder to get a Buyer qualified and distressed properties are not as easy to finance as they were in the past.

In sum, while short sales are often priced attractively, they are not for the faint of heart. They should be approached only by Buyers who have financing in place, have a strong stomach and are patient. Good luck!

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