Short sales are one of the most recognizable terms in the real estate industry, more prevalent then it was just 3-4 years ago.  Yet a number of investors don’t have the patience and stamina it takes to purchase a short sale.  The average short sale takes approximately 3 months from beginning to end.  Investors with all cash are usually ready to move on a property immediately and when a better deal comes around, they jump on it and drop the short sale.  This is normal and why a number of pre-foreclosureproperties end up becoming REOs, Real Estate Owned properties or properties taken back by the lender.  In 2008, Fannie Mae found that for every one short sale that closed, eight homes went into foreclosure.  This speaks to the difficult nature of the Short Sale process and the backward nature of how lenders handle them.  But there is light on the other side, we just Read the rest of this entry »