Buying a Short Sale
Don't let the name fool you; for many short sales the journey will be long. If you are interested in buying a short sale, our agents can guide you through the process.
Understand that not all short sales are created equal. It takes an agent knowledgeable about the process to be able to guide you through which offer on a home will have a good chance of going to closing and which will not. Some short sales are more likely to close than others, and most will be a difficult and a long process. Often, there may be better options than a short sale for you, but we are committed to finding the ideal home or investment for you and are dedicated to serving your needs. We will be able to guide you through the decision making process.
What is a Short Sale?
A short sale is when a bank allows a property to be sold for less than the amount that is owed on the mortgage. Many times, there are more than one bank and several entities from each bank that will be involved in approving a short sale.
How are Short Sales Different Than Bank Owned properties?
A short sale property is being sold by a seller that is upside down on their mortgage, has a valid financial hardship and needs to sell. In other words, it is still owned by the homeowner. The sale of a short sale is contingent on the home owner's lender approving the sale for a deficiency. A bank owned property - you guessed it - has already been foreclosed on and is owned by the bank.
About the Process
If you are thinking about writing an offer on a short sale, you must BE PREPARED FOR A LONG JOURNEY. Many of our buyers are willing to wait several months to get a decision on a short sale, but few are willing to wait months to find out that the answer is, "No". You can get a good home with a short sale, but you are likely not going to get the deal of the century. In fact banks that approve short sales are diligent about selling the property for its market value and they are likely not going to sell it for below what they feel that it is worth.
One last thing
Our job is to assist you to buy the best home for you and your family, for the right price, in the right location, with the right condition, at the right terms. Sometimes that home may be a short sale, often it will not. Either way, our agents will present the best options to you and offer advice that you can use in weighing the pros and cons of each property.
