Another Offer on Another Short Sale

Yesterday, clients of mine wrote an offer on a Danbury, Connecticut townhome they hope to buy.  The property is being sold as a short sale, which means the sellers owe more than what the property is worth in its as-is condition in today's market. 

We wrote a solid offer.  Of course, another offer came in the same day.   

I've warned my buyers on the issues they will now face with attempting to buy a short sale: 

  • We will probably wait about 4-6 weeks before learning if the bank will accept the offer.  I've waited as long as five months on others. 
  • The sale will be strictly as-is - the sellers will make no repairs. 
  • If it goes through, they will be buying a home they like at a very, very fair price. 

So now the waiting has begun. 

Hopefully they will have the needed patience!  

Don Fabrizio-Garcia, REALTOR
Connecticut Real Estate & Appraisals
Keller Williams CT Realty
203.746.1199
Connecticut Real Estate and Homes for Sale

 

 

4 Comments on Another Offer on Another Short Sale

In our area it often means no survey as well.

05/14/2008 12:33 AM by Laura Moore Godek (Laura Moore Godek, PC)

Hi Laura - short sales are pretty much as-is where-is sales.  Or, as I like to refer to it, the home is what it is!

Though, buyers could pay for and obtain their own survey.  Not that the sellers or bank will do anything about the results.

05/14/2008 06:51 AM by Don Fabrizio-Garcia - Connecticut Real Estate & Appraisals (Keller Williams CT Realty)

Don - It takes a lot of patience to wait on a short-sale response.  I've had a couple of buyers lose interest when something else came on the market.

05/17/2008 02:08 PM by Debbie Summers, Seminole County Real Estate (RE/MAX Central Realty Lake Mary, FL)

Hi Debbie - Yep, it takes a lot of patience on the part of buyers who are trying to purchase a short sale property.  I warn them up front of the issues and delays we will face.  I have seen buyers walk away because the wait is too long.  It can be a challenge.

05/18/2008 07:17 AM by Don Fabrizio-Garcia - Connecticut Real Estate & Appraisals (Keller Williams CT Realty)

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Real Estate Agent: Don Fabrizio-Garcia - Connecticut Real Estate & Appraisals (Keller Williams CT Realty)
Don Fabrizio-Garcia - Connecticut Real Estate & Appraisals
New Fairfield, CT
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Keller Williams CT Realty

Office Phone: (203) 746-1199
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