..it probably is…
Short sales are generating a lot of interest as stories emerge of great deals gotten. As you have seen me write before, there are great deals to be had. But just as often, a short sale can be a quagmire. What appears to be a great deal, might have hidden issues.
The most prominent evidence of a bad short sale is “days on market”. For instance – a short sale has an unbelievable price, significantly under anything else you have seen in the neighborhood. It has been on the market for 550 days. You wonder why no one has scooped it up.
The fact is, the short sale is not still on the market because no one has noticed it, or no one else has seen the value. The short sale is most likely still on the market because the bank is not engaged in the process, or the short sale is not approved. If the bank were willing to accept that price, and the paperwork was approved, it would have sold prior.
Even short sales which are approved, and have bank approved pricing, still have an obstacle course of paperwork to navigate through. But if you want to pursue a short sale, make sure you look at the verbiage – if it is bank approved, at least you are avoiding the 2 year wait.