If you are a short sale buyer or considering buying a short-sale in Indianapolis, there is important information you should know. As a real estate agent in Greenwood IN I know the process takes a long, we've worked through many short sales and get them to the closing table. Here are a few tips to help Indiana short-sale buyers understand the process.
Tips For Shortsale Buyers - Remember Sellers Play The Waiting Game Too!
- Short sales require lots of patience and know the process can be long. So if you need to move yesterday I highly recommend you do not look at short sales instead look at homes where the seller can accommodate your move in date (closing date).
- Buyers, sellers and real estate agents are at the mercy of the banks time lines. That's right, as listing agents we relentlessly contact the bank with various methods to push the sale along. Just because your agent has not heard from us on a daily basis does not mean we are not working it. Speaking for our team we follow up and watch the banks time lines very closely.
- Get yourself educated! When considering buying a short sale ask the real estate agent you are working with how the process works. If they don't know, then maybe you are working with the wrong real estate agent. Sometimes when working with the wrong real estate agent, your dream home ends up being someone else's.
- Short sale purchases are never a sure thing, meaning that sometimes because the seller is willing to accept the shortage at the end the bank must agree. Keep in mind sometimes, the seller is required to fulfill a financial obligation to the bank and in some cases either the seller is not willing or cannot meet the obligation such as being 1099'd or pay back the difference in a note.
- Sometimes agents price short sales too low and numerous offers come in. One thing to remember is that the bank has final approval on the acceptance of a shortage and the numbers need to make sense to the bank or lender. Make sure someone pulls comparable on your behalf and if you really want the property offer your best and highest offer.
- Banks do not always accept the highest offer, they look at terms and the strength a buyer has to purchase the property.
- Calling a listing agent over and over again will not get your short sale processed any faster instead it will hinder the time available in the day to follow up and deal with the most important parts of the real estate transaction.
Keep in mind the real estate agents and the seller understand how you feel but realize not only are you sitting on pins and needles playing the waiting game so is the seller! If you are in the market to buy a short sale and want to work with someone experienced and knowledgeable in the Greenwood Indiana area, it would be our pleasure, contact the SmithFitzgerald Team! Our team has tremendous success in closing IN short sales and would love to add you to the list of satisfied clients!