In most instances getting sold short is bad thing. Getting a home that is sold short may be a good thing if you are talking real estate. Many homes are in what is called "short sale." Short sale is when the bank agrees to discount the loan balance for a seller who owes more on his mortgage than the home is currently worth. This means you can get your dream home for a great price. With a little patience you can save lots of money by getting "sold short"!!!

Buying a home in short sale requires a few things. The primary asset needed to purchase such a home is PATIENCE!!! Short sales can take anywhere from two to six months. Once you know you have the patience to take on the challenge, you need to have help. DO NOT GO SOLO!!! This is a process and you will need help. Find a real estate professional willing to work with short sales. The deal will take a lot of persistence both from you and your agent. You will want to make sure the bank negotiator is getting called almost every day by the seller's agent. There are so many homes in short sale; the negotiator will probably take care of the squeaky wheel first!

Protecting yourself is important. You want your offer to be taken seriously so make sure you have your pre-approval status available for the seller's bank. Many will not even accept your offer if you are not pre-approved for a mortgage. When the seller's agent submits your offer you will be asked to sign a sales contract. Ask the lender to pick up all closing costs as part of your contract. Also ask your realtor to specify you will not do an appraisal or inspection of the home until the offer is accepted. This helps keep your costs down until you know you have a chance at getting the house. Your realtor can also help you determine how much money to put down before the bid is accepted. You want to have room to make offers on other homes or pull out of the contract if the process becomes too long.

It will take patience and a little work on your part, but it will be well worth it in the end. There are many people who do not want to brave the short sale, but that's a good thing for you!! It just means there are more homes for you to choose from!!

Are you looking for your dream home? Give Sandy's Team a call at (225) 677-SOLD or email info@sandyco.com . We are here it help you in East Baton Rouge, Livingston Parish, and Ascension Parish.