“Should I Buy a Short Sale?”

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“Should I Buy a Short Sale?”

 

 

Hi Joe, I am looking at a house which is up for "short sale".  Would we be able to do the same type of transaction/loan as last time with a house on short sale?  Why do people do a short sale?  Is it to their advantage?  Is it like bankruptcy?

Ruth

 

I couldn’t understand that the Realtor did not adequately explain the answers to these questions. I decided to call my clients to listen to what they had been told.

                                                 

These clients have an opportunity to purchase a home at a very good price and it is a property that fits their needs. But there could be many challenges as with any short sale. With these clients it may be a good solution for their specific needs:

 

Positives:

1) They are in no hurry.

2) They need to sell their current residence.

3) Their home is desirable and can get top dollar.

4) If their home sells before the short sale is approved, they have a place to live.

 

Negatives:

1) The short sale may take months to be approved.

2) The short sale may never be approved.

3) There will be costs, home inspection and appraisal, all of which could be wasted if the short sale isn’t approved.

 

Based on the discussion, the client will move forward with an offer on the property.

 

 Image courtesy of StuartMiles/freedigitalphtos.net

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Rainmaker
468,351
Mike & Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

I am in an area where there are still a lot of short sales...the biggest problem we have is that the bank always wants more than the list price and sometimes more than the appraisal. 

Short sales are very misleading to the consumer.  Good post.

Eve

Dec 30, 2016 03:21 AM #1
Rainmaker
1,129,976
Raymond E. Camp
Howard Hanna Real Estate Services - Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

Good morning Joe,

Yes the agent should have informed the buyer of the meaning of a short sale.

Congratulations on becoming a multimillionaire.

Make yourself an astonishing day.

Dec 30, 2016 04:09 AM #2
Rainmaker
2,214,098
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Congratulations, Joe, on reaching 2 million points... it's a long journey to get there, for sure. Looking forward to joining you in this club in 2017!

  ... and counting!

Dec 30, 2016 04:57 AM #3
Rainmaker
2,474,377
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

Good morning Joe. For those with patience and ability to handle disappointment, a short sale can be a tresure trove! Enjoy your day!

Dec 30, 2016 06:26 AM #4
Rainmaker
2,843,175
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Joe. What a great and straightful explanation of a short sale. Happy New Year.

Dec 30, 2016 06:27 AM #5
Ambassador
1,487,924
Alan May
Coldwell Banker Residential - Evanston, IL
Helping you find your way home.

Joe - it has come to my attention that you are now a millionaire, twice-over.  Congratulations, it is no small feat.... good for you.

Dec 30, 2016 08:38 AM #6
Rainmaker
2,266,402
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Joe Petrowsky This is very good report to buy a short sale. Congratulation for passing the 2,000,000 points milestone.

Dec 30, 2016 03:54 PM #7
Rainmaker
1,105,355
Bob "RealMan" Timm
Alliance Real Estate - Minot - Minot, ND
Bob Timm, Broker Associate, Alliance Real Estate

Congrats

On the 2 million Joe Petrowsky 

 

Dec 30, 2016 07:02 PM #8
Ambassador
1,305,206
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

My wife and I did about 250 short sales in 5 years and we do understand the positives and negatives.

Dec 31, 2016 03:19 PM #9
Rainmaker
4,396,929
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Thanks, Joe, for sharing this story.

Best wishes to you and your family for a Very Happy New Year!

Dec 31, 2016 06:13 PM #10
Rainmaker
2,364,683
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Hello Joe Petrowsky my friend, congratulations on the 2m milestone

 

and wishing you and Gail Petrowsky the very best in 2017.

 

Jan 01, 2017 06:19 PM #11
Rainmaker
1,422,686
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Joe - the Real Estate Broker in my group does short sales and they do take quite a while.

Jan 04, 2017 05:10 AM #12
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