Short Sales
The Deal: A short sale is a property that is individually owned, but the owner owes more money on the property than what they could sell it for on the open market. This means that they need to get permission from the bank or third party to sell the property at a loss and walk away instead of having the bank foreclose on the property.
The Bad: The problem with short sales is that they are very labor intensive on the selling side since the seller's representative needs to deal with both the home owner and the bank. Some banks are faster and more resonable than others. The process can take months or even years to complete. Since the sellers are walking away with nothing, many times they are uncooperative or do not have the funds to make any concessions for home inspection issues which makes the transaction riskier for the buyer. There is no telling exactly what you will be paying or when you will be closing when you enter a contract on a short sale.
The Good: The good news is that since these transactions require more risk, they can be bought a a discounted price, just like any investment. Unlike foreclosures, since the original owner still has access to the property, home inspection issues, or issues with the CO inspection are still able to be fixed prior to closing. This makes it much easier to obtain financing on the property and reduces the risk of the deal falling through during inspection periods.
Is a Short Sale right for me? If you have specific time frames in which you need to close or if you are trying to close multiple properties simultaneously, a short sale if definitly NOT for you. But, if you have a flexible time line and are not adverse to risk, short sales have proved to be very good investments for people who can wait. These are especially good alternatives for buyers who need a below market purchase price but have strict FHA regualtions that might require repairs to be done to the property prior to closing.
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Customer Reviews
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