No Short in Short Sale

Today most home buyers are looking for the deals. That goes without question. These potential buyers are especially interested in short sale and foreclosure properties. However, a short sale may not always be the best deal. Here are a couple things to think about:

1) Some agents are accidentally setting the asking price of a home below what a bank would actually accept. This means your offer unless above asking price (not in this market) will already be rejected.

2) Don’t be in a hurry to move in. Why? It may take months to hear back from the bank. And when you finally do, you may not like the answer. You might not even recieve a counter offer.

3) Banks will take multiple bids and not let you know what the other bids are for. This creates that holding period.

4) If you deal land the deal, don’t expect home repairs. You can still do a home inspecton (highly recommended), just know the bank will not be responsible for any repairs.

Now, I am not saying to completely shy away from all short sales, I am just saying these are not always the best deals. Finding a home listed for sale, not facing a short sale, will most likely allow for more room to negotiate, offer a faster closing time, and assure you necessary repairs will be made.

Explore all your options.

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