Should we buy a short sale property?

Asked by bandjrey, Emmaus, PA Tue Oct 27, 2009

We are looking at a short sale property. Is it worth the hassle? We are currently looking to upgrade, but are not in a big hurry. In a short sale situation, what is the likelihood of an offer contingent on us selling our house being accepted? We have excellent credit and should have 20%. Does this even matter to the bank? Any advice or suggestions would be greatly appreciated. (We are working with a realtor, just looking for additional advice)

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Heather Mori…, Agent, Allentown, PA
Wed Oct 28, 2009
Hello Bandjrey!

Well, Yes a Short Sale Property can be an excellent way to purchase a property. But, NO Banks do not take conditions on selling your property. So, this would not be the right choice for you unless you sell your property and then move into a temp rental in the area and then put an offer on a short sale.

How a short sale is conducted all depends on the education level of the Listing Agent who is handling the negotiations for the seller with the Bank. If the Agent has not been educated in the process of handling short sales then the process can take over 6 months or never get an approval. The way a short sale is handled will depend on the success rate of the short sale going to settlement and the truth really is that 80% of the Real Estate Agents Listing Short Sales have never been educated in this process.

Good Luck to you in your future home search and I hope this information was helpful to you.
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