Just a quick note for Buyers who feel like they are always getting beat out by other buyers on Short Sales and Foreclosures. ASK TO BE A BACK UP BUYER!
80% of my short sales do not sell to the first buyer. Why? The process feels long to the first buyer. They get all excited about purchasing the house and then are required to wait two months to hear if the seller's lender accepted their offer. As the days drag on, the first buyer's interest usually begins to wain. They begin wondering about the other house down the street, etc. Often by the time the seller's lender gives their approval, the first buyer has found another home that they think can close faster. Consequently, it is the 2nd or 3rd Back Up Buyer that actually ends up purchasing the house.
So buyers, don't be sad when you are not selected as the first buyer. Strategize and get in the 2nd or 3rd position. Chances are, you will be the one who eventually owns the home!
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