Everytime I have deal with a short sale, it has been getting to be more and more of a problem. They market the home at a below market price and you get multiple offers, but then after 4-6 months the lenders either cannot agree on the price because there are two lenders; or the bank's idea of its worth is close to market value and you endup not getting a deal. You end up getting something at a market price that you could have gotten months earlier and have already moved in.
Its almost like a bait and switch. Even when it is an Approved Short Sale. They were only approved with the last buyer, then they have to more or less start all over with a new qualifying buyer and then the will do a new BPO (like an internal appraisal). You have to deal with different levels of authority at the lender and months of waiting for the lender to decide. It takes so long that now the owner has 4-6 more months of mortgage payments missed and HOA payments missed and taxes missed.
Your best bet is to go for an equity sale where the seller has owned it for years and has made a profit and rightly so. He has lived there and taken care of it and maybe even remodeled it and updated it and now he wants to buy up or downsize and he has room to negotiate. You can negotiate a good deal and if the home is worth it then pay the price. You dont always have to get a Steal. Just be satisfied with getting a good home, in an area you like, with a floor plan you like, in the condition you like at a price you can live with. Buy it and move in and Enjoy life, entertain at home. Have friends over, save money and show off your new home.
www.NewportCoastRealEstateTeam.com
Marlene Dietrich, Tony & Mike
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