Some factors to consider when you are going to make an offer on a short sale property

Often times, there can be some real great deals, there can also be lots of aggravation. Just as with an REO, you are dealing with someone who is most likely losing money. No matter who that is, they often don’t like it, and can be stubborn.

Here are some things to consider

1) They can be a no better deal than a regular house if the bank or banks refuse to price the home at market price. Talk to an experienced agent and find what is a good value and a great one.

2) It often takes a week or more to get an answer from a lender or lenders on your offer. They will at times give no response to the offer as to what they will accept.As a buyer you may feel hung out to dry.

3) The listing agent has not control over the banks, and in many cases, is inexperienced as they have not been around long enough know what it was like back in the early 90’s. Pick and experienced agent to work with and you will have a better chance for success.

4) Consider only real sellers, and REO owned homes as their motivations and control are primary.

Then why should anybody ever take the time to purchase a short sale home? Talk with an experienced agent and see what you best options and goal are. For the right person, they can be the right choice.To see some of the short sale or foreclosed properties that are available. Before you get too far down the path get yourself to a lender. Many have gone out of business, but get a seasoned one like Woodward-O’Connor Mortgage. You want a local lender who uses local appraisers. They will know the values, which are difficult to determine right now, as there are few comparables. If something is interesting, give me a call at 831-818-7524

To read some of my other blogs, go to my other blog