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We may be 6+ years into the housing downturn here in CT and short sales shouldnt be a mystery to anyone anymore...however I am still shocked at just how many buyer's agents attempt to represent clients through these transactions without the slightest clue of how short sales work. This along with inexperienced listing agents on the other side of the short sale are likely the #1 reason so many short sales fail. Time and time again I see short sales fail simply due to agent mishandling. Sellers need to take care in selecting the agent to list their short sale.
But today Im talking about buyers. As a buyer you also need to make sure your agent is experienced in short sales - or prepare for a bumpy ride and a slim chance of seeing a closing. There are a few common points of confusion I frequently see when buyers agents have not properly prepared their client for the short sale (usually because they just don't know) so here are...
THINGS YOU NEED TO KNOW AS A BUYER INTERESTED IN SHORT SALES:
Short sales take time! No matter what the contract says or how many threats you lay out or just how good your offer is, the seller's lender will process the short sale in their own sweet time, with no concern for your wishes. There is nothing you can do to change the timeframe on the short sale. Acceptance is the only policy. Be prepared to wait at least 60-90 days for a short sale approval - sometimes longer. If you can't handle that kind of uncertainty - a short sale may not be for you.
There will be limits on seller concessions. Most investors will tap concessions at 3%. Some won't allow any at all. If you need 6% cash back to make your loan work...this is not likely to happen with a short sale.
You are buying the home as-is. Don't expect the lender to renegotiate your approval over an inspection report. Also - the seller may or may not make repairs for you, but don't hold your breath - especially on big ticket items. The best time to find out about serious defects is BEFORE the short sale approval and offer accordingly. Lenders will also NEVER make repairs on short sales. NEVER. They don't own the home so even if they wanted to, they can't.
You will need to move quickly once you have the short sale approval. Most approval letters expire in 30-45 days.
Minna Reidis a CT Licensed Real Estate Broker Associate with CG Real Estate, specializing in short salesserving Central CTincluding, 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.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.