03-08-2009, 01:36 AM
I agree with both John's. However, from a lenders perspective (Ohio) we are seeing more positive responses to short sale requests. Holding out for a sale through foreclosure will usually result in even larger losses for the lender(i.e. Damage to property, vandalism, increased legal fees, maintenance etc.) However, that being said, prepare for possibly a a lengthy period of time before your sale goes through. Then after everything is done, all the paperwork is completed, your deal can still go in the tank due to a fickle lender. These are tough deals but like I said earlier, you can find some real deals out there. Be patient.