Why should I buy a
Short Sale Home?
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A sellers lender/bank is in the
money lending business, NOT in the property management business. In addition, a
foreclosure proceeding costs a lender $58,000 on average. Due to this fact, a
lender will typically accept 10% to 30% below market value on a property in
order to avoid foreclosure.
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Also due to the facts above,
quiet frequently a short sale home will actually sell for less money that a
foreclosure home.
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As Short Sales become more and
more common, and the lenders streamline the Short Sale process, the best homes
will be sold off as Short Sales prior to foreclosure.
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Many Short Sale homes are not
offered to the general public. That is why it is important to have an active
Short Sale specialist, Realtor, to keep their eyes out for the perfect property
for you.
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Things to know about Short Sale
Homes
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There can be quiet a wait to get
an answer, depending on the lender and how far along they are in the process.
This waiting time can be a couple of weeks to a couple months. However,, as our
government steps in for the bailout, as well as the lenders getting better at
processing, the process will likely become streamlined and much
faster.
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Due to the time frame involved,
as well as the uncertainty, Short Sales are not for every home
buyer
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Similar to a foreclosure, a Short
Sale home is typically sold with no repairs being made to the property. This is
due to the home owner being in a financial hardship in most
cases.
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Many Short Sale homes are not
even offered to the general public, and it is very important to have a Realtor
who Specializes in them.
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