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Buying a Short SaleBookmark and Share

Buying a short sale

Buying a short sale is not like buying a property in a traditional way. A short sale may have some risk but it also can be very rewarding. When you're searching for a short sale you'll want to make sure you are prepared, so here are the things you'll need to consider.  

Make sure you are not in a time crunch to move into your new home, short sale response times on an offer can range from 30 days to 6 months, depending on many factors like the type of loan the seller of the short sale has, the sellers hardship, price and terms of the offer, and so much more. Be prepared that the banks response may be a counter offer to your price and or terms. Also be prepared to not receive a response, we recommend you contact one of our professionals before you pursue any short sale. Our experienced short sale REALTORS® can make buying a short sale less stressful and can advise you when and how to move on to another property if need be. 

The short sale process takes time because banks are reviewing why they should release the seller from the liability of the mortgage and ultimately take a loss. In order to approve a short sale, banks will want to review all the sellers financial documents, order a value on the property, and review the buyers contract and terms. The review process takes additional time because most banks are backed up with short sales and under staffed for this type of department considering they are not in the business of short sales. However, banks do typically want to work with sellers and buyers on short sales in order to avoid foreclosure. 

The reward of buying a short sale is that banks are typically willing to sell the property for below market value because of the time and risk  involved for the buyer. If you are looking for a good deal and have some time or you find a property that you a willing to take the risk of a short sale, our short sale professionals use their experience in negotiating short sales for sellers to help our buyers by researching all the fine details about the short sale property you're interested in. By having the behind the scenes knowledge we will ask a lot of questions and look for any red flags which will help give you an idea of what to expect.  

Contact us to see the difference with our friendly, experienced, and knowledgeable short sale REALTORS®.

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