Short Sales can be fantastic buys, but you have to be a patient buyer!
What is a short sale? First, an offer is presented to the seller as any normal transaction. The buyer and seller agree to terms, the amount being less than what the banks are owed and often well below market value. The offer is presented. hopefully by an experienced agent to the banks. It is important that the agent knows the required paperwork and procedures that are necessary in order for the banks to respond in a positive and timely matter! The agent, for days or weeks, continues to negotiate with the banks, works to convince them to reduce the amount they are owed and to negotiate all fees to be paid. Some of the fees that need to be negotiated are often unpaid taxes, title fees, escrow fees, etc. During this time the buyer works to obtain financing and proceeds with the normal inspections of the property. Finally upon acceptance by the banks, the buyer often will have a limited time in order to close the transaction, so they need to be ready!
This process is not an easy one for agents, therefore many choose not to get involved.
They only encourage their buyers towards “normal” transactions. I believe in the end results for my clients and I enjoy their referrals. I also love a good challenge!
About Cathy Cressy
