subject: Short Sale Buyers And What They Want [print this page] Short sale buyers, or those that are looking for a short sale do so because they are hoping to find a great deal on a house. You need to make a mental note of this when you are looking through listings, and when you suspect that you are looking at a home that seems too low of a price, make sure you ask your agent outright if the home is in a short sale.
Short sale buyers are anxious, and have been holding out for that great deal. This isn"t a bad thing, and this has been beneficial to many who were looking for a home, but the term "short" certainly isn"t an indicator of the length of time it takes to buy the home. There are many occasions on which short sales have taken anywhere from 4 to 6 months or longer to close.
Short sale buyers also need to be aware that even when a home is in a short sale, that doesn"t necessarily indicate that they will accept your offer. The lender does get to supersede the seller even if they want to accept your offer, so it can feel like a hunt for sure. The lender is essentially forgiving the seller"s debt so keep that in mind. This is a situation that everyone can win, but it won"t be an easy road.
Many short sale buyers have also been led to believe that a short sale happens because the home owner is in default. This is not the case at all; in fact, the mortgage doesn"t have to be late but the owner does have to be "upside down" in the mortgage in order for a lender to consider it. Being "upside down" in the mortgage means that you owe more than the home is worth, and if someone has lost their job and they can see default in their future, it may be best to try and negotiate a short sale before it"s too late.
If you are planning to buy, and you want to hunt for a short sale, your agent can tell you if a foreclosure notice has been filed, and how much they owe the bank. This is a good strategy for you because it will give you the heads up on what to offer.
When buying a short sale, it"s really about having the right professionals to help you along the way. This process can be hard if you have an agent who has never dealt with a short sale, so do some research before you choose.
For more information, you can go to www.inlandempireshortsaleresource.com. Help is only a click away!
