charlotte short sales
Short Sale Tips for Buyers
September 1, 2010 by Financemyhome · Leave a Comment
By Robin Husney
If you are in the market to purchase a home, you may want to consider buying a short sale. If you are not under any pressure to sell your current home, don’t have a time frame to move into another home and have good credit, you are the perfect homebuyer for short sales.
When a homeowner owes more money than their home is worth and needs to sell their home before succumbing to a foreclosure or because of a job change, the home can be sold through a short sale. This benefits the lender because they won’t have to go through the time, effort and money to put the home through the foreclosure process and it helps the homebuyer out because they are then able to put their home up for sale. This can only be done when the lender agrees to allow the home to be sold for less than is owed on the mortgage.
- Don’t let the name fool you. Short sales are typically anything but “short”. They can take several months to finalize. Because of that, you may want to continue looking at other homes while the short sale process is underway.
- While the buyer and seller determine the sale price, the bank makes the final decision on whether the price is acceptable or not. So, even if you and the seller agree on a price, the bank can come back and say “no”.
- Submit a realistic offer. Unlike traditional sales, submitting a low offer is not recommended. You can pretty much expect that a bank will reject a low offer right away. In fact, even a reasonable offer may not be accepted right away. By submitting an offer for what you legitimately want to pay for a home is the best thing to do on a short sale.
- Check out the neighborhood comps. Your REALTOR® can help you with this. You will be able to submit an appropriate offer if you know what other homes in the area are selling for.
- Homes are sold “as is”. While banks need to repair and clean up homes they are selling in foreclosure, a short sale isn’t held to those same rules.
- Banks make the rules. It’s up to the bank as to what they will accept as a downpayment, whether an offer is good enough for them, etc. There are no “rules” set in place for short sales. It really is up to the bank’s discretion.
It’s always a good idea to hire a specialist to help you with your short sale needs. They will work on your behalf to make sure that things run as smoothly as possible.
Robin Husney
Allen Tate Realtors
Charlotte, NC
704-517-6370 * http://www.robinhusney.com
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