Buying a Short Sale is Easy!

Buying a Short Sale is as easy as climbing Masada!

Buying a Short Sale is easy -- as easy as climbing Masada! A short sale occurs when a seller owes more on her mortgage than the current maket value of the property. If you are planning to purchase a short sale, make sure to use a Realtor experienced in successfully scaling this mountainous terrain. www.illinoisassociationofrealtors.com, www.coldwellbankeronline.com

Just as mountain climbing-newbies learn both the pitfalls and heady joys of accomplishment, so must the short sales purchaser be equipped with practical knowledge. http://www.youtube.com/user/WallerandMitchell#p/u/8/kn8HlxOlMVw

Some Short Sales pointers to ease your journey:

  • The seller's bank can take several weeks to months to respond to your offer,
  • If you're in a time-crunch to move, steer clear of short sales; they're not the only sweet deal in town, 
  • When you make an offer, go with your "highest and best." If it's such a great deal, know that other buyers will also be submitting offers,
  • Don't make a low-ball offer, just because you're paying cash; a purchaser who's been approved for a mortgage will also be bringing "cash" to the closing table -- the lender's cash,
  • Know that you will need to put down earnest money when you make your written offer; this shows the seller and the seller's lender that you have some skin in the game. Although your earnest money will be tied up for an indeterminable amount of time, you will get that money back in full if your offer fails to receive a counter-offer or is not chosen by the bank,
  • Roulette is not the game to play when it comes to putting earnest money down on more than one property at a time. In the unlikely event that your written offer is simultaneously accepted by more than one lender, you could be in legal hot water. * Talk to a real estate short sales attorney. Contact me for local referrals. 
  • Be aware that you are purchasing the property "as is." If any work needs to be done on the property, that money comes out of your property. If that property will be your primary residence and is FHA approved, there is 203K rehab money available at low interest rates.http://www.youtube.com/watch?v=DwjIAAftfG4&NR=1

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.


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