There's nothing short about "short-sales"!

By
Real Estate Agent with CENTURY 21-1st Class Homes

There's nothing "short" about a short-sale!  If you're in the market to purchase a home there are many good deals to choose from.  Find out if the seller is trying to sell the home for less than what they owe on it.  If that is the case be prepared to be patient.  All offers are going to be subject to the banks final approval.  I've had a recent client that put an offer in on a property $30,000 above the asking price and we waited over three months for a response from the bank.  Luckily the bank had accepted our offer and wanted to close in thirty days.  As a buyer you must be very flexible, because the bank has most of the leverage.  I've had good experiences as well as bad ones with short-sales so be prepared.  Over the past two years roughly 65% of my business has been with short-sales or foreclosed properties.

Comments (3)

Eric Villaverde
DoubleTree Home Inspection Services L.L.C. - Phoenix, AZ

Thanks for publishing another informative blog today. Best to you.

Oct 11, 2009 03:35 PM
Roland Woodworth
eXp Realty - Clarksville, TN
eXp Realty

Many Realtor don't understand the process of short sales and want to bring offers to close in 30 days. This is not likely to happen in most cases.  The only thing short on a short sale is the payoff to the lender.

Oct 11, 2009 04:03 PM
Larry Bergstrom
Crescent Realty, Inc. Spanaway, WA. - Spanaway, WA
CNE, CRS, GRI

Your right Jim, the only thing "short" with short sales is the buyer's patience.

Oct 11, 2009 04:04 PM