With homeowners facing financial difficulties, foreclosures and short sales are rapidly gaining popularity.
But doesn't a short sale mean you can get a really great property for a really, really good price? Yes and no. Keep in mind everything has an opportunity cost.
Short sales can take up to six months (sometimes longer) to close from start to finish. Why? Because when there is more than one chef in the kitchen the recipe always requires more salt. Every mortgage has an investor behind it. In my experience, it has been Fannie Mae. The investor has to make the decision as to how they would like to proceed with the presented purchase offer (contract) based on how much money they (the investor) will lose or gain. If it makes sense, the short sale is approved. If the investor doesn't make the money they need then all parties involved must present a stronger resolution (offer). Oh and keep in mind, your account is one of thousands.
During this process, Buyers can become impatient and walk away. Sellers get frustrated with the mortgage companies time frame and lack of response. The entire process is cumbersome and exhausting. So why bother?
To get a great deal.
Is it worth it? If it accomplishes the goal. To sell the house to a Buyer who wants it.
Isn't that what real estate is all about?
For a list of short sale properties in your area, please contact me at kristi@kristiporter.com or visit my website at www.kristiporter.com
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