4 reasons you shouldn't be buying a short sale

Short sales can be good deals and are usually in better condition than the bank owned properties out there. However there are some instances in which as a buyer, you should not be considering short sales:

  1. You have a home to sell before you can buy a new home and closings need to be timed accordingly. Hubbard clauses and short sales just dont go together. Simultaneously buying and selling require some timing challenges that simply dont work with short sales.
  2. You have a strict timeframe. Your lease is ending and you need a new home by a specific date...you are relocating and need to be in your new home by then...your kids need to start school in the new town by Sep. 1st...etc. If you have a set timeframe and no flexibility, dont look at short sales.
  3. You are not a patient or flexible person. Some people just cant sleep well at night with significant uncertainty in their lives. Short sales involve periods of uncertainty AND periods of great flexibility for all parties. If that doesn't sound like you, you may want to consider other homes.
  4. You have champagne taste with a budweiser budget and the answer must be buying a short sale for pennies on the dollar!!! While short sales frequently sell under market value, rumors of buying short sales for for 50 cents on the dollar are just blatant nonsense. Banks must ultimately approve these sales, and they are not looking to give these homes away.

None of these apply to you? Great! Arm yourself with a good agent and get shopping!

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Minna Reid, Realtor
CG Real Estate - Southington CT
Voice or Text: 860.416.1255
 

Minna Reid  is a  CT Licensed Real Estate Broker Associate with CG Real Estate, specializing in short sales serving Central CT including, but not limited to; Avon, Berlin, Bristol, Cheshire, Cromwell, Farmington, Glastonbury, Hamden, Meriden, Middlefield, Middletown, Newington, New Britain, North Branford, North Haven, Plainville, Portland, Prospect, Rocky Hill, Southington, Wallingford, West Hartford, Wethersfield and Wolcott. 

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Post is included in group: Attorneys, Short Sales, Foreclosures, Loan Mods
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1 Comments on 4 reasons you shouldn't be buying a short sale

FEB
17
2011
507,885 Points 4 Featured Posts Attended Rain Camp Called Shot Master

Great advice for buyers Minna, short sales aren't a good match for all buyers, the reasons you've pointed out are definitely some of the common ones
3:57pm • #1


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Minna Reid, CT REALTOR®, Short Sale Agent

Southington, CT

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CG Real Estate

Address: 1224 Mill St., Bldg B, East Berlin, CT, 06023

Cell Phone: (860) 416-1255

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