Richard ... I have a short sale that is going on 520 DOM because the Short Sale Lender won't accept the fact that the price is not what they want. I have a great offer now and the asset manager is working hard to get the investor to see the light.
What is true for seller's is doubly true for investors in a short sale!
In today’s real estate market, there are only two kinds of sellers. Those that have the ability to sell at market price and those that do NOT.
Every seller wants to sell, but many are burdened by mortgages far in excess of the value of the property, or they refuse to accept the realities of the marketplace and their expectations are unrealistic.
There is however one inescapable truth: Unless the seller has the ABILTY to accept a market price the property will not sell. So the seller has two options:
They may either accept the fact that the property will not sell OR they must obtain the ability to accept a true market price. This usually will involve a short sale, which essentially means that the lien-holder will accept less than is actually owed on the mortgage.
It isn’t easy, and it requires extensive documentation and usually a lot of delays, but it can be done. And when the seller has the ABILITY to sell at true market price, the property will sell.
Otherwise, it will just fade away from the marketplace!
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