Tuesday, October 23, 2012

Are you sure you want to look at short sales?

Short sales are different than normal sales.   Short sales are less predictable than normal sales.  Short sales take much more time than normal sales.

The scenario with a short sale is pretty much the same as a normal sale.  You establish budgets, wants, needs and start looking at homes.  You find the house (or condo), submit a reasonable offer, negotiate and finally reach an agreement on the terms with the seller.

Now, tell me again, what is a short sale?
Now the process changes....

In a normal sale you proceed with the inspections, appraisals, surveys, and continue on to closing usually in 30 to 45 days.

In a short sale the offer is now presented to the lender for review and approval. And you sit and wait.  The wait may be weeks (unlikely) or months (most common). 

The lender may approve the deal as written.  The lender may reject the deal as written.  The lender may come back with a counteroffer.

All the while you, the buyer, wait.

So, are you sure you want to look at short sales?  Do you have the time?  Will you be OK if the deal doesn't go through?  Will you be alright with starting the process over again?

If you are prepared for the short sale process, call me.  If you are considering selling your Brevard County home and it will be a short sale, call me as well.