Excitement...Frustration...Hope...Desperation...Anger...Disappointment and Disgust! These are the feelings that a buyer is likely to have during the 3rd party approval process of a home that is a short sale...and that's during a sale THAT ACTUALLY ENDS UP CLOSING.
Once you write a contract on a short sale you could be waiting weeks and often months for an answer from the seller's lender. Should you consider writing an offer on a short sale? Please think about this first...
Short sales are not for everyone:
If you have a specific timetable to meet... Don't write a contract on a short sale.
If you can't accept the property in the condition that it is today... Don't write a contract on a short sale.
If you don't have a backup plan... Don't write a contract on a short sale.
If the seller of the property is an investor... Don't write a contract on a short sale.
If you are considering the purchase of a short sale...talk to a REALTOR. Your REALTOR will advise you about the process and whether or not you are a candidate for a short sale. The process is often long and leaves many without a successful conclusion.
Do the rewards often times out way the risks? Absolutely, but only you can decide if you are willing to wait after you know all the facts.
Move To Lake Mary (Orlando & Central Florida)
Licensed Real Estate Professional, ALHS, e-PRO @ 407.758.1020 or Debbie@CasAndDebbie.com
You have made some very good points. I enjoyed your post and am going to re-blog this in different groups. Regards, C.
YEs I agree and this is what I normally tell my buyers upfront when we first start working with one another and 9 times out of 10 there own response is oh ok I dont want to look at those homes.
when doing short sales remember you are not just negotiating with lenders, but with all possible lienholders such as,
HOA Liens, Mechanic Liens, other Lis Pendens etc...
-Nelson
Hi Debbie, Great points. It is VERY important that buyer knows what they could be up against in this situation. If you can't live w/out the house then know upfront what you might be in for. KM
Cool post! I agree 100% and try to warn potential short-sale Buyers about the pros and cons of the short-sale process in advance of viewing any homes that may be short sales.
Debbie - I suspect the average purchaser who is looking to move into a house in a given time frame would be better off staying away from short sales, unless they have alternate living accommodations that they can use til no longer required and leave on short notice.
Carolyn- I'm honored... I haven't been Re-blogged yet... Thank You!
Heather- Short sales make up about 25%+ of our inventory in Lake Mary... It's frustrating for buyers that these homes truly can't be "sold" on the spot... I wish these homes weren't in the MLS until the banks have agreed to a price range up front. Agents do the "dirty work" and are often never compensated.
Nelson - You're exactly right... Just another reason these properties shouldn't be on the market prior to 3rd party approval, all of them!
Kristin - It truly can be an exhausting process... It takes a lot of patience to wait it out.
Kathy - Absolutely... If you can be patient and your current situation allows you to move at your convenience it could work out... Flexibility is the key!
Lisa - Thanks for stopping by... Communicating the challenges of a short sale purchase is extremely important... You would think that over time the process would becomed refined, yet it seems to be getting slower and slower.
BTW Debbie - I love the pink flamingo! How adorable! KM
i reblogged this as wwell debbie... nice job!
chris the implementer
WELL SAID! I can't believe how many offers I get on my short sale listings that say they "HAVE" to close in 25 days and I just tell them that if they want that then don't even bother presenting an offer, as a bank will never answer that quickly!