Some buyers find themselves contemplating the purchase of a
short sale, a property that sells for less than the balance its owner owes on
the mortgage, despite the possible added complexities. If this is something
that you are considering, please take note:
Pro: A major advantage to purchasing a short sale property
is the price. Banks do not want a property to go into foreclosure, which is
usually the next step if a short sale property fails to sell. Often buyers can
purchase a property for under the market value.
Con: The disadvantage of buying a short sale is that it can
be a very lengthy process. Short sales often take significantly longer than
normal closings due to the amount of people involved in the transaction. The
bank employs negotiators to get the maximum amount for a property and once the
negotiator approves, a supervisor must review the package. You may wait for
months while your offer is evaluated and the lender may reject your offer, even
after having had the paperwork for a long period of time. If you do not have a
flexible time frame, a short sale probably isn’t for you.
Recommendation: When shopping short sales, remember to work
with a qualified CENTURY 21 real estate agent who has experience with short
sales. Short sales can be complex, so it helps to ask about experience and
success with short sales and familiarity with the process and lenders.
Consult a qualified REALTOR® to decide if a short sale is right
for you. Call us today at 626-358-1858 or 626-963-7621.
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