Waiting on a short sale

A lot of buyer's out there are thinking that buying a home in a short sale situation can lead to a pretty good bargain.

And they may be right.

But there are couple of things to keep in mind. A short sale is when the homeowner is trying to sell the home for less than they owe the mortgage holder.

In these cases several parties have to agree to the price and terms, the buyer, the seller and the mortgage holder and possibly the investor in the mortgage.

If you're buying a home that is in a short sale you're basically asking several people to lose money.

If you are a buyer this a great time to be looking for bargains such as short sales.

The kicker is they can take time. A lot of time.

Mortgage investors, mortgage companies and banks, don't like to lose money. So they probably won't rush to get back to you when you put an offer asking them to do so.

I've had short sales where I received a response in 10 days and others where it has taken two months.

Patience is key here.

If you are looking at a short sale ask your agent to find out how long the response time from the bank is likely to be.

All the best
Greg Owens PA
Keller Williams Realty of Greater Manatee
941.779.5149