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Short Sales are they worth the wait?

By
Commercial Real Estate Agent with Premier Commercial Realty

Short Sales are they worth the wait? Wow more than ever buyers are latching onto the thought of "I am going to get a great deal and go after nothing but short sales!" In fact, just had one buyer say they were willing to submit an offer, wait the 4-6 months it usually takes, 4 mos being considered fast and unusual, submit earnest money in certified funds, and then wait it out. When we discussed all the other potential property on the market that also represent good deals, they were not interested and actually said lets not look at any others until we find out about this one. Does the public not believe these will take as long as they do? Even if we wait it out, there is no guarantee they will get the property unless it is within reason of the real market value 80-90%, so you could be left with nothing after 6 months? It just seems short sales have become more of an attraction for buyers, yet, there must be some way to educate them as to the fact that most of these are not closing. There are plenty of good buys on the market in most of the same neighborhoods as the short sales, so if rates go up by summers end, and the short sale you are waiting on falls through, what have you gained? 1 point of increase in rates could knock the pre-approved buyer down $25-50K in what they would then qualify to purchase. Prices are down, rates at all time lows, now is the buying time...

Posted by

Joe Heffernan

Premier Commercial Realty

(847) 302-5550 cell

(847) 854-2300 x18 office

joe@joeheffernan.com

 

LaNita Cates
REMAX of Joliet - Joliet, IL

I always wonder this myself! It surprises me how many people are willing to wait as long as 6 months and even longer for one house.

Jul 27, 2010 09:12 AM