Are You Ready to Purchase a “Short Sale”?
April 23rd, 2009 categories: Real Estate News, Short Sales
Today every consumer wants a great deal!
It’s a no brainer there. Whether you’re buying a car, flat screen TV, computer or piece of real estate- buyers want the best deal at the best terms.
Today many real estate buyers are narrowing their property search to “short sales” or “foreclosures” assuming great deals are waiting for them.
And while there are lots “short sale” properties for sale is Cincinnati, West Chester, Fairfield, Mason and surrounding areas - purchasing a “short sale” property can be rewarding-but only if buyers are prepared for the entire process. (Short Sales are properties which are still owned by seller, but require lender approval prior to accepting a contract)
Things to know about “Short Sales”
- The contract may or may not be handled in a timely manner by the lender- be prepared to wait-in some cases months and months- before approval is granted
- Many of the properties have several lenders (mortgage, 2nd mortgage and in some cases taxes) and all the secured lenders have to approve the deal- bottom line-more waiting.
- The seller may not be in a financial position to fix any problems that appear on home inspection report
- Your contract needs to have a time-frame defined when your purchase offer is ”null and void”- don’t tie yourself up for months on a deal that may never close.
Many lenders are beefing up their “short sale” departments and deals are happening-however there is no guarantee-so go into the deal with your eyes wide open.
Need more information on buying or selling “short sales” call or email.
Related Articles: Crucial Advice on Short Sales, Before You Buy a Short Sale
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It can be frustrating when they are multiple loans on the property - of course, it seems to be quite frequently seen. It sure does delay things!
Right you are- especially when the seller doesn’t know about some of them.
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