Well, they definitely should probobly be called "long sales", and all my buyers and sellers are told of the typically long wait ahead of them when considering to purchase or sell a home via short sale. The average time that a response is given to an offer is 3-6 months and the lender could always say yes, no or counteroffer.... They are not for all buyers, not for those on a timeframe or who do not have the patience to wait...however can be a great reward for those who make it through to the end---both on the selliing side and the buyers side!! After a few months of going through the process as both a buyers agent and listing agent for a few short sale transactions...the efforts paid off! 1 short sale luxury home is closed, and 3 others are approved by the bank! It takes a whole team of people working together to get these deals done, but they are more than rewarding for all parties. Sellers can avoid foreclosure, and buyers get a great deal. As always, message me if you would like any additional info on buying or selling in today's market.
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