Short Sales I like to call them Long Sales

By
Real Estate Agent with The Edge Group LLC 1298065

Considering trying to buy a short sale? You will need to ask yourself a few questions first.

 

1)     Am I willing and can I to wait 3-4 months to get an answer from the sellers lender?

2)     Do I fully understand that the seller lender may come back after I wait 3-4 months and say NO?!

3)     Do I fully understand that the sellers lender will probably want more money for the property than I have offered and am I will to pay more?

4)     Do I fully understand that the seller's lender may never give the seller or myself and answer and just foreclose?

5)     Do I fully understand that in most cases these homes are sold as-is where is and the seller or the sellers lender will NOT DO ANY REPAIRS?

6)     Do I fully understand that if I need or want my closing costs paid from the seller side of the transaction the seller lender might say no and I will have to pay an additional 3%+ in closing costs to acquire the home?

7)     Do I fully understand that a lot of brokers that are trying to sell short sales have never done one before and have no idea of what they are doing even thought they have taken a class on it and are certified.

 

I can go on and on with the pitfalls of these transactions but the fact of the matter is if you answered no to any of these questions and still proceed to look at short sales for your future home you are just SETTING YOURSELF UP FOR THE BIGGEST DIAPPOITMENT OF YOUR LIFE!

 

 

To look at home that are really for sale no games no gimmicks and a smooth transaction click  http://www.theedgegroup.net/content/contact.html

 

 

Paul Gruber    CRS, e-Pro, REALTOR

Broker

The Edge Group, Inc.

paul@theedgegroup.net

www.theedgegroup.net

7138 W Roxbury Ave

Littleton, CO 80128

303-886-5991

 

 

 

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Groups:
Realtors®
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Tags:
financing
price
closing costs
reo
bank owned
foreclosure
short sales
1st time buyer
lender owned homes

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Rainer
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Tom Boos
Sine & Monaghan Realtors, Real Living - Grosse Pointe Farms, MI
Providing the very best of service to Sellers and

Paul, this is a great "short list" to share with any buyer considering the purchase of a "short sale".  I like it and will adopt it for my very own.  Thanks for some great caveats.

Mar 11, 2010 10:36 AM #1
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Rainer
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Paul Gruber

CRS, e-PRO
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