As an investor, I have purchased many short sales for long-term rentals and fix and flips. As a realtor, I have helped sellers sell short sales and buyers purchase short sales as well.
Short sales are very unique and much different from fair market sales and even REO sales (foreclosures). Owner-occupied buyers and investors can get incredible deals on short sales, but it is not always easy to get the deal closed.
Buyers, sellers, real estate agents all must work hard and be very patient when dealing with a short sale. There is no guarantee a deal will get done until the closing documents are signed and the transaction is funded.
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