There is a lot of MISINFORMATION about Short Sales floating around everywhere...some of it right here on Active Rain...but a lot of it in markets like southeastern Wisconsin which we proudly serve because they are not as common here...and the very nature of HUMAN NATURE is to stay away from what you don't know....While we could say things like it's patriotic...it's the right thing to do and other platitudes that sound good...but how realistic are then when you are talking about a sixor more figure investment...one of the largest that an individual makes in a lifetime...feel good about doing something good for someone else...that's a good thing....Several people that attended an open house last weekend at our short sale heard our explanation of how a home becomes a short sale...through a verifiable hardship of the sellers.
Several people said...they just couldn't take advantage of someone else's misfortune...Yes....You Can...and here is why you should....
A seller who has listed their home as a short sale. just like any other seller...needs a buyer...but in this circumstance...the consequences to not finding a buyer in a specific amount of time are very, very serious....and it will affect the life of the seller(s) for many years to come. If the seller is not successful in selling, the ravages of foreclosure will haunt them, their credit and their paychecks for many years to come if the seller goes into foreclosure.
Here are some guidlines for short sale buyers and the agents who represent them:
- Know that the listing agent has short sale experience and can guide your offer through the lender maze to a successful closing.
- Buying a short sale is not "let's make a deal" and no...the bank does not have to take ANYTHING...talk with an experienced short sale listing agent...they know the perameters of what is realistic....and you will be rewarded with a great price...just not FREE....
- Patience is a virtue and yours will be rewarded by getting a better than market price for a large investment
- A Short sale seller can't pay their mortgage so don't muddy the offer with things that are not likely to happen like closing cost contributions, repairs, replacements...talk with the listing agent about what is realistic
- If you have a home to sell or a tight and less than flexible deadline for moving...don't even write and give the seller and the agent the idea that you are a realistic buyer prospect
A short sale can be a wonderful experience for EVERYONE involved...if your agent complains about a bad experience with short sales...ask him/her if he knew the background of the listing agent...one bad experience with an agent who didn't understand the process does not make a the Short Sale Experience a bad one...It can and should be a win/win situation for everyone...
Shop a short sale...You can get a great price....
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