Thinking of buying a Short Sale?

Are you considering buying a short sale? There are so many available, but are they the same as any other sale?

Well , yes and no. The home that is listed as a short sale is the same as far as the seller is concerned.

The seller can list and show their home just like any other normal sale, but the big difference will be the time required to negotiate the sale with their lender. A typical short sale takes about 6 weeks to negotiate an agreed upon price with the lender. The lender must consider several things before they can approve a short sale. First, the lender must consider the hardship of the seller, the assets of the seller and they must determine if the home is being sold at market price. The seller and the negotiator work together to get this information to the lender in a timely manner, and if the price is right, the lender will usually approve the sale.

Can you hold off doing all the necessary inspections until the short sale is approved? Yes, the lender and the seller will usually allow the inspections and appraisal to be done after the lender has approved the short sale.

If you are using down payment assistance for your purchase, you will want to make sure you have finished all the necessary classes and qualifying before you put in an offer. This will make the closing process go much quicker.

Call me if you would like to discuss the short sale process!