Short Sales – are they a bargain?
July 13th, 2009 categories: Buyer Tips, Real Estate Tips
Many of today’s “bargain” properties are short sales. Are they really a bargain? Maybe.
Some properties are listed below what the lender will ever agree to – it’s the current owner setting the price (often at a price recommended by their agent). These homes are “short” in that the sales price is less than is owed on the property. They are NOT “short” in time. Any offer that the seller accepts must still be approved by their lender. If the seller has more than one loan, it gets even more complex. It may take several months before the lender tells you if your offer is accepted. and they may continue accepting other offers during that time.
If you don’t have that much time or don’t want the uncertainty, you may want to look for properties offered by owners at short-sales prices that don’t require third party approval. If you’d like help finding these, contact The Simms Team at ALVA International, Inc.
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