Hi Angela-
Short sales can provide a nice value. BUT--The one of the reasons that they are discounted is the "Aggravation" Factor that comes with the uncertainty. Certainly, your area is a great place to buy a home. I just sold one in Willowick in July.
If you have time, it may be worth it. Be prepared to wait 90-180 to close on a short sqale. Occasionalyy, you can luck out , say in the situation where a previous offer had been submitted and brought to the point that there were negotiations started between Buyer & the Bank, and for whatever reason, the Buyer walked away from the deal. The next buyers offer can sometimes slide in there after the first offer has done the heavy work.
If I can be of assistance, please give me a call at 440-487-2193 or e0mail me at John@CallRealtorJohn.com.
Hope to hera from you!
John Wirsing
e-PRO Realtor
RE/MAX PREMIERE PROPERTIES

Angela I said this before,on shortsales,if you do make sure your Realtor understands what questions to ask,before even going any further,cuz if listing agent doesnt know proper pgk to send to bank,etc.. ur wasteing ur time.

TJ

Hi Angela,
Yes, you must be patient. Weigh your options carefully. If you are a first time buyer, and miss out on the $8000, the short sale may not be a deal. (deadline for closing is Dec 1, 2009) Also, the bank may come up with additional fees, or even counter with a higher sale price late in the deal. You could be under the impression that you are just waiting for a yes or no from the bank, go 60 days, and then get a higher counter offer than you planned on spending. Also, if the bank has not signed the deal, and a better offer comes in, you could lose all that time....and have tp start all over. Make sure you have a good realtor, anfd you comp the area well . Willowick or Eastlake? Willowick has a very strict home inspection, so beware. You will be responsible for repairs, (the sewer, downspout & dye test is extensive) and they will demand you escrow the funds to do them...Eastlake is much more leanient. Call for help, we will be happy to guide you either way if you are not working with a realtor.

Thanks
Doris & Michael Wright 440-231-0977 or 440-231-0974
wrighthomes@roadrunner.com

Have a good, diligent Realtor. An investment type helps--this is cut and dried stuff. Have patience. The banks are lousy to deal with. They like to have it all one way. They like to keep you on edge--waiting. Don't fall in 'love' with some house; see only a commodity.

GOOD LUCK

Unfortunately, sometimes it does take that long for banks to have a short sale approved. Try to consider REOs (bank owned properties) in addition to short sales. You can get a great deal on those as well and you don't need to go through the whole approval process since they already know their bottom line. REOs are very popular in most states and it is not uncommon for buyers get into bidding wars...prepare to submit your highest and best offer so it doesn't get ignored by the banks.

But first and foremost make sure you get represented by the agent who has previous experience with purchasing short sales and REOs. It might get overwhelming for someone who is new to the process.

Good luck with your new purchase,

Dmitri Stupachenko, MBA, REALTOR®

Hi Angela-

That is the biggest challenge with Short Sales, they can take forever. The banks want to hold off as long as they can to accept an offer so that they can wait for the highest offer to come through. I live in Eastlake and am also a full-time Realtor, so I know our market and there are still many good deals out in our area that are not short sales. If you have time to wait for the bank and already have fallen in love with the house, by all means, hang in there and wait. But, you might want to make sure that aren't some other homes that you can make your own.

If I can be of any assistance, please let me know
Thanks
Jason Caccamo
Prudential Select Properties
440-749-8203
jason@neohomepro.com

I agree...

I'm not a proponent of Short Sales... You can negotiate a fair price with the homeowner, then wait forever for the bank(s) to respond - all the while "time's a-wasting!"

There's kind of an unwritten saying with Short Sales: they're not guaranteed to sell Short, even at full asking price. And because of the fact that they take longer than normal to close them (if they do close), they are not as attractive as the list price that lured you in.

Regardless though, if this is the home that's calling you then I truly wish you well on your endeavor to purchase it!!

Art ~ RE/MAX

Uh uh.

Short Sales notoriously take a long time, but 120 days to get a response?

That is way too long, IMHO

Best wishes,
Fred