For first time homebuyers or buyers in general in the move, short sales are not what they are all cracked up to be because of a simple reason. . less than 50 % chance of short sales will go to closing. If the listing agent is not experienced . . this could be even less that 10% chances that you will actually sit down at the closing and transfer the property to your name.

If your objective is to find a new home and move in less than 60 - 90 days. . you and you agent should not be wasting time looking at short sales. A far better use of your time and energy, I will advise, is to avoid the often long and complicated process of buying a short sale from a distressed home owner and pursue properties owned by banks and other lenders that they've been in the market for a few weeks ... and they really need to dispose of them.

What are the reasons why a short sale does not make sense if you have an immediate housing need?

There's hardly a shortage of Foreclosures in Maryland DC and Virginia at this time. opportunities on the market right now are excellent for a fully qualified.

Your agent should advise you in the best chance to use your buying power. . and that should start with REO’s more commonly known as foreclosures. . .

Not that REO purchasing is a cake walk, They have the problems as short sales but . .not as prominent.

You've got to have patience. You've got to know which banks have properties and you've need to work with the right real estate agent that KNOWS the foreclosures and the short out there.

When I’m searching for properties for a new buyer. .my first step is always

Then, I will prepare a list of these properties for my client’s inspection.

The second part is to find the best priced foreclosures out there. There are some banks that are instructing their listing agents to offer them initially at a very low price and let the bidding begin. . just these past October 2008 we competed with 12 offers for one foreclosure. It was an excellent price and it SOLD for a lot more than the asking price.

Ultimately, a SHORT SALE should not be discounted.

With a little luck you may be able to get away with a great deal that others discounted as a waste of time.

The key here is for your agent to identify: what short sale has the best chances in getting accepted.

You as buyer MUST UNDERSTAND that a short sale is not a normal traditional sale.

Even some agents do not seem to understand this.

Let me repeat:

The sales price is just a tool used by listing agents to attract a contract.

The selling price will be determined by the BPO

The BPO (Broker’s Price Opinion) is done when the bank considers your offer.

The BPO will tell the bank if IT MAKES SENSE to sell the property as a short sale instead of a FORECLOSURE

If the offer price is within range. . your chances are high for an acceptance

If the offer price is a lot lower than other similar comparables in the area. . the bank will not even lift a finger to tell you a simple NO

You will be waiting and waiting and your offer is already in the landfill shredded by the bank . .

Ask your agent to make an offer BASE ON THE COMPARABLES and NOT based on the asking price.

There is a percentage of buyers that will benefit buying short sales. . but you have to be patient and surround yourself with an experienced realtor

We managed and closed FOUR (4) short sales in the month Of October. .Currently we have 4 under contract and 25 short sale active listings in the Maryland DC Virginia region.

If you are a buyer for the Maryland DC, Virginia region, We will be glad to consult with you and help you come up with the best plan of action based on your family needs.

Take advantage also about our unique THANK YOU _PLAN to all buyers that close with us before the end of 2008 will receive a

HIS and HERS iPhones. Just call Fernando for details 240-426-5754

Thank you~