Short Sale Purchase Reality Check

Buying a shortsell reality check.

There are 2 general types of short sale shoppers. Those looking for an extreme deal and those finally taking the opportunity to buy the home of their dreams.

First off, many buyers do not realize buying a short sell can bring buyer heartache. It can take up to 90 days or more for a bank to accept an offer. You may have your heart set on a property and think you are going to get it only to have your offer be denied by the bank 2 months later. I have seen some instances where the selling agent may try to hold out for higher offers.

If there is a short sell home you find, there are many points to consider. If the home is in excellent condition, you will have to consider that there are other buyers who may also have a high interest in the same property. With that being considered, the buyer should view how much they think the short sell home is worth.

If you are looking for a deal, you will also have to realize that banks generally do not accept low ball offers. If this is an investment property, you may not be as picky and be able to make more offers in your price budget.

It is important to find an experienced Real Estate Agent who represents your interest as a buyer when considering a shortsale purchase. It is a different playing field when you are making an offer to a bank rather than a home owner. Bank asset managers have many files on their plate and can take their time in making decisions. When dealing with a home owner, it is much easier to communicate and receive responses in a timely manner.

Please direct all questions and requests for further information to info@rsbrealestate.com.