Short Sale Saga Part 2-Houses Under Water!
On December 9th, I placed a posting on this blog about a short sale we were working on. At this point, we are more than 7 months into the process and we have had a buyer with an accepted offer for about the same amount of time. There is still no resolution on this sale and the bank is sending out another appraiser to do another Broker Price Opinion (BPO). The moral of the story is that if one has the time and patience to wait for a short sale to be resolved, one may get a good deal but it can be a frustrating experience for all parties concerned. According to reports in the Indianapolis Star and the New York Times today, experts are predicting an all time high of foreclosures this year–1.2 Million or about 1 in every 45 homes!