Who Should Not Consider A Short Sale
It looks exciting. It looks easy. But skiing is not everyone. The same would be true for buying a short sale.
Though the market is full of short sales, there are few people that are cut out to purchase them. In fact, most people end up bailing out on the transaction before it is ratified and purchasing something else. To help save you a lot of frustration, I have created a list of situations which should discourage you from purchasing a short sale….
- You have to be a in a home in the next few months. Most short sales take a few months before they are accepted, assuming they are, by the bank. The risk is high that you will still be homeless in a few months.
- You like to know how far along things are with the bank. Your Realtor can be awesome, but when it comes to their control of the listing Realtor, the asset managers, the negotiator, the seller, the bank, and the response times of these parties… many buyers have been known to loose their minds. Keep in mind (no pun intented) that many of these parties don’t work on the weekend and aren’t concerned in your idle threats..
- You are an avid Internet MLS shopper. While you are waiting for months while the bank responds, you will begin to fill like and addict who can’t resist the MLS… You will feel like you are missing out on many other options out there. For this reason many short sale buyers move on to other homes before the bank ever responds.
- You easily loose sleep at night. Short sales are not for the weak at heart. They will cause the average buyers more stress than a weeks worth of work and leave you confused and feeling frustrated in the end.
Who Is Perfect For Purchasing A Short Sale??? The perfect short sale buyer is a very relaxed, take it as it comes person, who is not in a rush to buy a home… If you are this person, then a short sale may be for you. If not, then go for a foreclosure, re-sale, or new construction.
RELOCATION COMPANIES I WORK WITH
What To Expect When Dealing With The Bank On Bank-Owned Properties
Letting The Cat Out Of The Bag On Short Sales
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Also credit bump and tax consequence ding.
short sale is ideal for me, i am single and i’ve already two houses.
Great information!
Coming from someone who buys only short sales, patience is key and your average buyer wants to just find a house and find it now! But, for those who do wait, you will get a great deal. We get better deals buying short sales than those buying REO’s. I ran across your page just surfing around, great site.
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