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Linda

Short sales are different than regular real estate sales and the buyer usually has very little recourse when deals go sour. The main point is that the seller would typically be the culprit for lack of disclosure of existing problems but even a legal judgement is useless in that case. Short sales occur when the seller can't afford to make the mortgage payments...how could they pay for problems with a house when they couldn't pay for the house itself?

Short sales are not a good deal unless the buyer has the resources to deal with the unexpected issues. Every real estate deal has a risk of delay or falling through completely and each additional party increases the chances. Add in seller's lender to the mix and there's another set of conditions to meet, paperwork to get mislaid, personalities to clash etc. The rare short sale with a second lender or first mortgage owned as part of a debt security can bring an incredible number of headaches with the additional level of approvals needed.

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lajsimmons54
I once put in a bid on a short sale. We never heard from the bank. We offered asking price. We were also willing to fix the issues in the house. It was an ideal neighborhood. It had a great layout and backyard. It's been 6 years and I still think about that house
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dreamdoctor

laj - thing don't happen by them selves. Follow up on it if it is really important - even now you could leave a note in the mail box - they may want to sell - who knows. I hear stories like this semi-regularly.

   

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