Monday, January 4, 2010

Keys to buying a short Sale

If you are interested in buying a house that will be a short sale you should be able to get at least 5 to 10% off of full market price. The great thing is that the seller shouldn't care what the ultimate sales price is. The seller only cares about getting released from the mortgage obligation and not coming out of pocket at closing.

The downside to buying a short sale is that it can take a long time. It could take from 90 to 180 days to get to closing depending on which bank(s) are involved. The question is whether the 5 to 10% discount is worth the wait. It is also important that the Realtor representing the seller is very familiar with the short sale process.

The reasons to avoid a potential short sale property are the time it may take and if the listing agent is unfamiliar with the process. Don't let price hold you back from submitting an offer.

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