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Looking to buy a short sale in Philadelphia and suburbs ? The most important thing is...

By
Real Estate Agent with RE/MAX Centre Realtors

This is a buyers market. There is a large inventory of homes for sale in some areas and many of them are SHORT SALES.

A short sale occurs when the amount owed by seller is more than the market value or sale price.

Many sellers who bought two or three years ago may have also obtained a second mortgage and now find that they can not pay the mortgage . They can not sell either because they owe more than they can get.

The Bank has to approve the Short Sale. This takes time. Sometimes weeks or months.

The most important thing to know if you want to buy a home that is going to be a short sale  is that you need PATIENCE . make sure you have a contingency clause in the agreement if you do not want to wait for ever. If you are renting right now make sure you can extend the lease month to month so that you will not be without a home .

If you want to make an offer on a short sale or a  pre-foreclosure home, you have to be pre qualified or better still pre-approved to improve the odds of your offer being accepted.

In most cases it will be an 'as is 'sale, but you should go ahead and have the home inspection.

After submitting the offer all you can do is wait , wait and wait . Find a good Real estate agent to work with , for there are some good opportunities out there.

 

 

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When you read about events please check the year for the event as some people find information a year later and think it is for that year. . The posts remain online even after the event.

Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com

 

She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email gita01@aol.com

If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491

 Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others  in my post and comments is not to be construed to be  legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.

IF YOU WOULD LIKE TO SUBSCRIBE TO MY BLOG         CLICK HERE   OR EMAIL ME AT Gita01@aol.com

 

Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Gita  You are absolutely right that the key is patience,  Karen

Sep 23, 2008 01:17 PM
Jamie Dumaine-Russell
RE/MAX Alliance - Branford, CT

Gita - Short sales are just starting to appear in our market here in Connecticut.  As yet I haven't done a short sale for a seller or had a buyer interested in a short sale so it will be very interesting to see how long the process will take here.

Sep 23, 2008 03:00 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Gita - It is wait, wait, wait......  Great pointers for anyone wanting to buy a house this way.

Sep 23, 2008 04:29 PM
Liz Carter
Liz Carter & Team Realty-Your Real Estate Resource For Life! - Katy, TX
Broker/Owner of Liz Carter & Team Realty, Katy TX (Houston)

Gita...

I did these way back in late 80's & early 90's...not fun and never easy.  Please in this situation more than most any other need a well trained professional Realtor that knows what they are doing.

I've been trying to decide if it is even worthwhile from a financial point of view due to the time it takes.  In the end we mostly take them because the people really need our help.

We will get through this storm together too!  Take care, stay healthy & happy, Liz

Sep 23, 2008 05:50 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Karen, Thank you.

Donna, I hope the market improves. It makes me sad to think that people bought homes to live in and enjoy and then they have to sell it and lose money.

Jennifer, Investors are patient but if someone is looking to buy and move in 60 days that may not happen.

Liz,Thank you. I agree. It takes up too much  emotional energy besides time.

 

Sep 23, 2008 10:32 PM
Sean Carroll
The Get Off Your A$$ Academy - Manhattan, NY
Real Estate Speaker and "Expert" Coach

good advice. Short Sales can be a great opportunity for buyers, but they are not for the weak of stomach, nor for the impatient. Keep up the great work!

Sep 24, 2008 09:20 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

 Team Carroll, Thank you. We are going to see more short sales and have to prepare buyers .

Sep 24, 2008 09:24 AM
Sheila Moran
RE/MAX Access (Garden Ridge, San Antonio, New Braunfels) - New Braunfels, TX
SanAntonioSheila.com, RE/MAX Access, 210-32

Gita,

I'm chuckling at your "After submitting the offer all you can do is wait , wait and wait"  THIS IS SO TRUE...

Great to inform Buyer's of the PATIENCE aspect right up front!

Sep 25, 2008 12:25 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Sheila, Thank you. If they think they will get an answer in 24 hours they are mistaken. The agent submitting the offer should prepare them up front.

Sep 25, 2008 12:38 AM