“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?
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:
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.
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
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.