If you are in the market for a new St. Johns County real estate, you have likely seen the glut of short sales on the market. Buying a short sale may seem like a great idea, and it very could be; but it may also prove to be quite daunting for the average home buyer.
Here are just of the few pros of purchasing a short sale:
· Unlike a banked owned property, a short sale is usually in better condition. Because a short sale is still owned by the homeowner, and not the bank, you can be better assured that they will care for the property better than if they had to leave due to foreclosure.
· You can get a good deal on a short sale. But don’t expect to walk away with a steal. Banks who agree to a short sale still want to make as much money as they can on the sale of the house, but they also realize that it is necessary to sell the property as to avoid the foreclosure process.
· The new government program, HAFA, has facilitated the short sale process, both for buyers and sellers, which could significantly decrease the hassle factor.
And here are the possible cons of purchasing a short sale:
· A short sale can take a really long time to complete. In other words, if you are making an offer on a short sale, don’t expect to get an answer from the lender in a day or two. In fact, because many lenders are quite overwhelmed at the sheer number of short sales and properties on their books, it may take a few weeks (or longer!) to hear back from them, and even then they could reject your offer.
· Even if the seller agrees to your offer, the lender may not. Once the seller accepts your offer, the offer must then go to the lender to get their approval. In other words, don’t think the deal is signed, sealed and delivered just because the seller accepts your offer.
Posted by Carey Frankel on
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