“Should I Buy a Short Sale?”

“Should I Buy a Short Sale?”

 

 

Hi Joe, I am looking at a house which is up for "short sale".  Would we be able to do the same type of transaction/loan as last time with a house on short sale?  Why do people do a short sale?  Is it to their advantage?  Is it like bankruptcy?

Ruth

 

I couldn’t understand that the Realtor did not adequately explain the answers to these questions. I decided to call my clients to listen to what they had been told.

                                                 

These clients have an opportunity to purchase a home at a very good price and it is a property that fits their needs. But there could be many challenges as with any short sale. With these clients it may be a good solution for their specific needs:

 

Positives:

1) They are in no hurry.

2) They need to sell their current residence.

3) Their home is desirable and can get top dollar.

4) If their home sells before the short sale is approved, they have a place to live.

 

Negatives:

1) The short sale may take months to be approved.

2) The short sale may never be approved.

3) There will be costs, home inspection and appraisal, all of which could be wasted if the short sale isn’t approved.

 

Based on the discussion, the client will move forward with an offer on the property.

 

 Image courtesy of StuartMiles/freedigitalphtos.net

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 12 commentsJoe Petrowsky • December 21 2016 02:07PM

Comments

I am in an area where there are still a lot of short sales...the biggest problem we have is that the bank always wants more than the list price and sometimes more than the appraisal. 

Short sales are very misleading to the consumer.  Good post.

Eve

Posted by Mike & Eve Alexander, Exclusively Representing ONLY Orlando Home Buyers (Buyers Broker of Florida ) 8 months ago

Good morning Joe,

Yes the agent should have informed the buyer of the meaning of a short sale.

Congratulations on becoming a multimillionaire.

Make yourself an astonishing day.

Posted by Raymond E. Camp, Licensed Real Estate Salesperson Greater Rochester (Howard Hanna Real Estate Services) 8 months ago

Congratulations, Joe, on reaching 2 million points... it's a long journey to get there, for sure. Looking forward to joining you in this club in 2017!

  ... and counting!

Posted by Nina Hollander, Your Charlotte/Waxhaw/Fort Mill Area Realtor (RE/MAX Executive | Charlotte, NC) 8 months ago

Good morning Joe. For those with patience and ability to handle disappointment, a short sale can be a tresure trove! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) 8 months ago

Good morning Joe. What a great and straightful explanation of a short sale. Happy New Year.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 8 months ago

Joe - it has come to my attention that you are now a millionaire, twice-over.  Congratulations, it is no small feat.... good for you.

Posted by Alan May, Helping you find your way home. (Coldwell Banker Residential) 8 months ago

Joe Petrowsky This is very good report to buy a short sale. Congratulation for passing the 2,000,000 points milestone.

Posted by John Pusa, Your All Time Realtor With Exceptional Service (Berkshire Hathaway Home Services Crest) 8 months ago

Congrats

On the 2 million Joe Petrowsky 

 

Posted by Bob "RealMan" Timm, Bob Timm Owner/Broker National Marketing Realtors (National Marketing Realtors) 8 months ago

My wife and I did about 250 short sales in 5 years and we do understand the positives and negatives.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) 8 months ago

Thanks, Joe, for sharing this story.

Best wishes to you and your family for a Very Happy New Year!

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) 8 months ago

Hello Joe Petrowsky my friend, congratulations on the 2m milestone

 

and wishing you and Gail Petrowsky the very best in 2017.

 

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek & Associates LLC Team) 8 months ago

Joe - the Real Estate Broker in my group does short sales and they do take quite a while.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) 8 months ago

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