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Why buyers are losing interest in short sales

Recent reports show that the number of short sales have dropped greatly during the past several months, mainly a result of buyer frustration with long and unexplained delays in getting bank approvals.  Short sales, which at one time represented almost 55% of all first time home buyer purchases, now account for less than 40% of them.

While short sales offer a first time buyer an opportunity to buy a home for often 25% or less than similar non-distressed properties, the wait and uncertainty are often too much with which to deal.  As non-distressed properties continue to drop in price, a well priced home that can be bought and title closed in the typical 6-8 weeks is a much more attractive alternative.

Laws that have been passed that force lenders to move more quickly on short sales are not being enforced and it is about time someone does something about it.

 Larry Mraz

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If you need help in selling or buying a home,  or have any other questions, please give me a call or email me. 

Lawrence T. Mraz, Realtor®-Associate, Prudential NJ Properties, Metuchen Office,

Phone:  732-494-7677 ext.339, or email Larry.Mraz@PrudentialNewJersey.com 

Larry Mraz cell phone:  (732) 715-5849 (cell)

Or visit my web site at www.PrudentialNewJersey.com/Larry.Mraz

Posted by Lawrence T. Mraz @ 5:06 PM on 09/27/2011
Tags: short sales
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