Loudoun County VA Real Estate & Neighborhood Information

3 Reasons You Should NEVER CONSIDER A Short Sale

Categories: Buyers, Local Issues, Short Sales & Foreclosures Posted on March 3rd, 2008

I had a stroke of metaphorical brilliance this morning while speaking with a client. 

The more I deal with and learn about short sales the more I see them as the worst thing that has ever hit the real estate market.  The problem is that clients are easily allured by them like some kind of bright glow so I continually have to work with them: which I will. 

I was able this morning to deter a client from even considering them by offering them a metaphor of what they are like.  Afterwards, I felt so good that I decided to create a few more.  Feel free to add to the list….

Trying To Buy A Short Sale Is Like…

1. Planning your honeymoon cruise with a street vendor and not knowing if the ship will let you on until it is about to depart from the port.
2. Buying a dog with fleas and a heart murmur with a questionable life expectancy because he is $30 cheaper than the puppy (this one is a stretch-sorry).  
3. Putting all of your retirement funds in to a lottery account and hoping that the guy that pulls the ticket out of the hat will choose yours 30 days before your retire.

There is no question whether or not some people will score a good deal from time to time with a short sale.  However, the risk and percentage of transactions that are short sales that work out are questionably ever worth it.  I do encourage buying a home that is a foreclosure or REO.  The bank turn around time is much closer to 1-7 days instead of 45-60 days while everyone else puts in their offers. 

Another great article that exposes some of the issues with short sales can be found at by Frank at Frankly Realty.  Click Here.

If you are looking to buy a foreclosure property in Ashburn, Sterling, South Riding, Gainesville, Herndon, Leesburg, Fairfax, Brambleton, Belmont, Broadlands, Lansdowne, or Chantilly contact me as I would be happy to respresent you.

Related Articles:

Letting The Cat Out Of The Bag On Short Sales

This entry was posted on Monday, March 3rd, 2008 at 1:21 PM and is filed under Buyers, Local Issues, Short Sales & Foreclosures. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Janis Gagliardi said at March 5th, 2008 at 1:54 PM

   The downfall to short sales for us here in FLorida has been the period of time the buyer waits to get a response from the bank. Before we hear back, our buyers get antsy and move on to other properties.

2. Frank Borges LL0SA= Broker FranklyRealty.com said at March 5th, 2008 at 9:51 PM

   Thanks for the shout out.

3. Short Sales Are Hurting Us All said at April 3rd, 2008 at 8:52 AM

   [...] 3 Reasons You Should NEVER CONSIDER A Short Sale [...]

Leave a Reply

Name (required)

Email (will not be published) (required)

Website