Is it good to buy on short sale?

Asked by Snowfever, Girard, OH Sat Nov 24, 2012

I'm trying to learn the difference between foreclosure n short sales? If if its a good idea or not?

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4
Trudy Mickey, Agent, Cortland, NY
Sat Nov 24, 2012
A short sale happens before the owner has lost their home. They are could still living in it so that way you know what is going on in the house and have less chance that the pipes will be stolen.
The one thing you have to have to do a short sale is a lot of time and patience. It could be a month to 3 before you get to yes from the lender and then they process it again. I had one that took over 1 year to get to the closing.
So if you have the time it's a good way to get a home.
Good luck.
0 votes
James Gordon…, Agent, Hamilton, OH
Sat Nov 24, 2012
There different types of short sales. Most of the shorts that I list are coopertive short sales. The lender has already done an appraisal and has given us a preapproved list price. I was able to get an approval to close from the lender in about a week after an offer on my last closing. You need to be careful there are properties that are listed as short sales where the lender will not look at the short sale package until an offer comes in and it may take 60-90 days to get an approval.
0 votes
Ron Thomas, Agent, Fresno, CA
Sat Nov 24, 2012
For one thing, you are helping out the Homeowner, who is between a rock and a hard place:

You and your Realtor can make a good buy for you; by purchasing below the Market Value of the house: This requires having your Realtor do a CMA to determine the Market Value of the property.

By nature; you will probably be getting a house in good shape, as opposed to an REO which probably will need repairs.

The time element is the big factor: You cannot be impatient.
0 votes
The Gerovac's, Home Buyer, Russellville, AR
Sat Nov 24, 2012
Closing can take longer with a Short sale.
0 votes
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