Hi Sophia, the short sale process can be long and uncertain. As you consider the home there is a parallel process going on between owner and bank that you have no control over as the owner pleads their case of hardship. Knowing how many banks are involved is important - the more there are the more complicated and less likely a positive outcome. Also, a sense of how cooperative the owner is being with the bank helps to understand how the process for approval by the bank of considering the short sale option will be.
I agree with others that a short sale with the bank having approved a price is a better option. In my experience when a new contract comes in, the process begins again, BUT it should be considerably shortened as the bank has had a chance to opine on price which is only done when a contract is approved and goes to the bank to review.
Buyer frustration can be high in these transactions - you will spend money on inspection and legal fees and then potentially have a long wait, often with poor communication from the seller/bank side.
I have a bank-owned property closing this week in Somerset County - Bridgewater, not far from where you are looking. Bank-owned are significantly easier to transact.... more
Hi Susan, agree with Christine - if you decide to try flying solo - give it 30 days and if you have not succeeded, then list. Time is not the friend of sellers in this market, and so you don't want to lose much of it on trying FSBO. You will be well served by an agent - she can assist you with pricing which is so critical and also maximize exposure which comes in second only to price. It is very hard to get those things right on your own.
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