I have recently run into a few frustrated buyers when trying to get a deal on a short sale.As an agent in the game, I very much feel the pain of s short sale.
Everyone reads about what a great deal a 'short sale' is and how distressed properties can be acquired at 50 cents on the dollar.On short sales, it takes Patience and being mindful that the bank is going to do everything they can to reduce their losses. Sometimes this means waiting for an offer that is closer to their appraised value (while the property value continues to slide) or sometimes it means just letting a property foreclose.If you are in a hurry to get into a house, a short sale is not usually something that can happen quickly.
When reviewing short sales, a good note to look for is "approved short sale" which means that someone has already tried to get the property and the bank has agreed to that sale price. Keep in mind, just because it is "approved" that doesn't necessarily mean that this house is being sold as a deal. Evaluate the price and ask your Realtor to provide some competitive data (also do a quick Zillow search). Be mindful also that a price on a "short sale" that has not been "approved" may not equal the value or sales price of that home--generally the bank had done NO due diligence into the home value or what they would be willing to accept as a loss.
Steve ArmstrongRealtor
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment