A Short Sale Buyer Can Find That “Pot of Gold” With A Short Sale, By Having Patience
We all know about the famous Irish folklore that says there is a “pot of gold at the end of the rainbow” -- appropriate for today as it is pouring down rain while I am writing this post. I’d relate the reward that a short sale buyer can reap by having patience during the short sale process to that “pot of gold at the end of the rainbow”.
Take a short sale listing of mine that recently closed in Aurora, IL. My short sale seller originally purchased the townhouse for $200,000, and the short sale buyer was able to purchase the townhouse that was partially rehabbed for $115,000 -- the short sale buyer’s patience paid off.
I’m not saying that the short sale buyer was not wanting to throw in the towel many times -- because she was. But we all, including the buyer’s agent and buyer’s attorney worked together as a team to get the short sale buyer to the finish line.
I believe, with that some prep work -- the short sale buyer can reap the reward that can be found by having patience during the short sale process.
Here are a few things that a short sale buyer can to prepare before entering into a short sale purchase:
- Plan ahead -- if the short sale buyer has a target move date in mind, then start the purchase process early.
- Get qualified for a mortgage.
- Knowledge is power -- find a buyer’s agent that is knowledgeable about the short sale process -- not a negative Nelly that says, “oh no short sales do not work” because that agent is not looking out for the short sale buyer’s best interest. The short sale buyer’s agent can guide the buyer through the short sale process and help with any questions along the way.
- Most importantly -- have patience, patience, patience -- a short sale is a process, there is no doubt about it.
If a short sale buyer has the knowledge and resources to make it to the finish line, then they will reap the reward that IS at the “end of the rainbow”.