Buying A Short Sale

Buying a short sale can be a frustrating experience, especially if you don't know what you’re doing, or if you are working with someone who doesn't understand the ins and outs of the short sale process.

There are several ways short sales can be done and there are no set ways that they have to be done. Every realtor will give you a different opinion as to what they feel is the best way to get a short sale through the bank.

If you are looking to purchase a short sale, you need to be sure you understand the lingo, know the process, and be willing to wait around for a little while. If you cannot wait around for an answer, then you need to be looking at REO properties. Short sales can take anywhere from 3-12 months to complete.

The list price means nothing. In a traditional sale, the list price determines what you might put your offer in at. In a rising market, you might put in an offer over the asking price to ensure the sale. In a declining market, you are more likely to submit an offer under the asking price and ask for concessions. With a short sale, the list price doesn’t really matter. This number is normally put out there to attract buyers and to get an offer on paper for the bank. The number that really matters to you as the buyer is the value the bank gives the home after having a BPO (Broker Pricing Opinion) done. This value is going to determine what the bank is willing to take.

The value of working with an experienced agent is that they will be able to help you determine a fair asking price for a short sale property. Remember, value is in the eye of the beholder. We help you by looking at all the homes sold in the area based on comparable characteristics, which in turn helps you make an informed decision.

If you are in the market to purchase a short sale and would like more information about the process, fill out the form below so someone from our team can get in touch with you and get you on your way to home ownership.