Considering A Short Sale Purchase

Dated: June 1 2014

Views: 4361

A client of mine is in the market for a new home and her time frame is less than two months.  After doing some research of her own on Realtor.com, she sent me a few properties that were in her budget. Although the prices for these homes were well within her budget, most of them were short sales. Due to her tight, two month timeframe to purchase and move into a home,  a short-sale would not be the best route to go.

A short-sale is rarely ever short. Sure, there are stories of homes closing within 30-45 days but those are few and far between.  

The key to managing a short-sale purchase is to be patient. Even after a contract has been written on the home you are going to purchase, the seller’s lender(s) have to approve this sale. This can take anywhere from two months to two years depending on the number of lenders involved.
However, if you have the time to wait, you can still find a good deal in a short-sale. But always work with a qualified real estate agent who is familiar with the process of short-sales and foreclosures as well as an experienced real estate attorney to ensure the process is made as seamless as possible. 

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