Monday, April 27, 2009

Short Sales. Really? Is that what they're callled?

I was looking for something new and exciting to write about, but all I could find today was a bunch of news about short sales, and how Bank of America is going to make them so much easier. The truth is that with a short sale (when the seller is going to get less money for the house than they owe on it) you never know how that kind of deal is going to go. It might be quick and easy, with the buyer getting a great deal, or it might be a long, long process where the buyers end up loosing money while waiting around. Most banks, who hold the mortgage and have to authorize short sales, are not very communicative during the process, so you don't know where you stand. Also, betters deals may pass you by while you are tied up in a house that might not work out. The key words here are might, maybe, could, if... you can see that there is nothing definite, and that is the big problem with short sales. The old phrase "Buyer Beware" goes so well with short sales, I think they should be renamed to "Long Sales that Buyers Should Be Wary Of!"

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