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Should I Buy A Short-Sale Home?

It seems appealing, that's for sure. Here's a home that is going for below market value; the owner wants to get rid of it, the lender wants someone, anyone to make payments, and you just happen to be in the market. Should you put in a bid? In a perfect world, all parties would shake hands, agree upon a date, and walk away happy. Unfortunately, it doesn't work that way. Short sales can be great deals but they have volatile timelines -- and it's all controlled by the lender. Because they're the one with all the say, they can dictate how fast things go along, and they can decide whether or not to accept a bid.

Because of that, there's no exact timeline to purchase a short sale. It can be as short (no pun intended) as two weeks and it can drag on for months. That makes it difficult to work with if your current home is on the market or if you have a set move date. What compounds this is the swift way short sales close; once a lender approves a bid, you might have as little as 15 days to get it all together. Is that something you can do? If not, then a short sale may not be for you.

There's also the fix-it aspect of a short-sale home. If you're a do-it-yourself type person, your skills may be needed with a short-sale home. These properties come as is, and some of them have been run down due to the circumstances of the owner. That means you'll need thorough inspections to identify all problems before you commit to it. That also means that you'll invest both time and money into making it the home you want. It's a good deal, but it certainly doesn't come with the huge discounts a foreclosure auction can (remember, those homes are bought in cash).

If your situation is right, a short-sale home can be a great deal. These circumstances can vary greatly from situation to situation, and you need to have a combination of patience, flexibility, and diligence. It's not for everyone, to say the least!

Thanks for reading my post, Israel Gonzalez

Israel is a Real Estate Broker at Beale Properties

Phone 831-636-8858  Email Israel@ighomes.com

Israel Gonzalez specializes in loan modification help and never pay the bank another penny. Homes for sale in Hollister CA, Hollister Short Sales, Hollister Foreclosures, and Hollister Distressed Properties.

 

www.bestreohomes.com  www.nicereohomes.com

The views published here are the opinions of the writer and are not a substitute for legal counsel.



 

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