Buying a Salt Lake Short Sale
February 20th, 2009 Categories: Buying
Buying A Salt Lake Short Sale
I get buyers sending me listings from web sites that just seem to be a really good deal and based on the way it is listed it is a good deal. Let’s face it, I look good on paper. LOL
Short sales are not very complicated as much as they are a time consumer. Most buyers can’t or won’t hang in long enough to actually close on a short sale.
The first thing that needs to be done is that the seller has to complete a short sale or a pre-foreclosure package. It is essentially a new loan application with the addition of a tear stained hardship letter. What I have found is that sellers are not very motivated to complete all the steps it takes for several reasons, one is denial, the other is they have to involuntarily MOVE. I don’t know if you have ever moved before but it is not fun under good circumstances.
In order to get the bank to start working on a short sale you have a complete package and then you have to have an offer. The only way you are going to get an offer on a short sale listing is to list it at a very low price. Then there are multiple offers and the bank works it and then starts countering and the price starts rising to near retail. This process can take 2-3-4 even 6 months to complete. The only reason for a buyer to go through a short sale process is to get it well below retail. So if you not going to really get it well below retail and it could take 4 months and you may not actually get the property then is it worth it?
IMNSHO Absolutely not.
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I keep busy myself assisting home owners in financial hardship. As a Oakland short sale specialist I agree that it is VERY important for a home owner to become educated about the short sale process and choose and EXPERIENCED agent to assist them!