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10. February 2009 by Burbank Real Estate.
Image by Getty Images via Daylife
When a listing is listed as a short sale it does not necessarily mean it’s a short sale. What this tells you is that the listing agent and seller hope that the bank will accept an offer on the property. When it says that the bank has approved a short sale at a particular price, then you know at least part of the hurdle has been cleared. But banks reject offers all the time.
The main reason that banks reject short sale offers has to do with the following scenarios:
Remember that, on average, it takes anywhere from 6-12 months for a short sale property to sell, sometimes much longer. I have seen offers get accepted 4-5 months after submission due to the backlog at the bank.
Buying a short sale property is not for the weak, but you can pick up some good deals if you know your area pricing.
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