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Not long ago I gave the bleak statistics on closing of SHORT SALES on our Fresno MLS.  Yesterday I spoke with an agent at another brokerage and he told me that he submitted an offer on a Short Sale in February and was recently told by the lender that they still haven’t assigned an asset manager to review the file.  He just made another offer on a Short Sale property and spoke with that lender and was told it would likely be about 3 months before the file would be reviewed and more months after that to finalize paperwork if it was accepted.

The majority of offers on Short  Sales are simply a waste of time.   If you’re an investor looking for a bargain don’t even waste your time on a short sale; spend it looking at REOs or properties in which the owners have a significant equity position.

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