Q via Trulia: Do you think that the current foreclosure stoppage will affect short sales? I''m seriously considering putting down an offer on a short sale condo...
David's Answer: Make the offer! While the current foreclosure stoppage is based on a technicality, anything that slows foreclosures increases the incentive for lenders to consent to short sales, which are ultimately much less costly to the bank (but cause them to recognize losses sooner than they would prefer).
Use an experienced, licensed, full-time Realtor (quality, service, ethics, and professionalism vary widely) who's been recommended to you by others. You should have professional representation in what can be an uncertain and time-consuming process, because you deserve it AND because that's what your smartest competitor will have. Good luck! - David
Link to this Q&A on Trulia: http://www.trulia.com/voices/Market_Conditions/Do_you_think_that_the_current_foreclosure_stoppage-247955-p_1-recent?answerId=872368&thisanswer=1#left_content
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