The pros and cons of purchasing a short sale property

The pros and cons of purchasing a short sale property

Some buyers find themselves contemplating the purchase of a short sale, a property that

sells for less than the balance its owner owes on the mortgage, despite the possible added

complexities. If this is something that you are considering, please take note: 

 

Pro: A major advantage to purchasing a short sale property is the price. Banks do not want

a property to go into foreclosure, which is usually the next step if a short sale property fails to

sell. Often buyers can purchase a property for under the market value, keep in mind that may NOT be 

the case in all markets.

 

Con: The disadvantage of buying a short sale is that it can be a very lengthy process. Short

sales often take significantly longer than normal closings due to the amount of people

involved in the transaction. The bank employs negotiators to get the maximum amount for

a property and once the negotiator approves, a supervisor must review the package. You

may wait for months while your offer is evaluated and the lender may reject your offer, even

after having had the paperwork for a long period of time. If you do not have a flexible time

frame, a short sale probably isn't for you.

 

Recommendation: When shopping short sales, remember to work with a qualified real

estate agent who has experience with short sales. Short sales can be complex, so it helps to

ask about experience and success with short sales and familiarity with the process and

lenders.

 

If you would like to know how you can take advantage of the information we've given in this blog, please

feelto call us at Century 21 Winklhofer -  at our Grand Island office at 716.773.4833 or our

Clarence/Williamsville office at 716.634.6220

We are now working with shop.com to provide our costomers & clients with great shopping saivings! 

Go to www.ShopC21Wink.com for all your shopping needs! Earn cash back on your puchases! It's FREE

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