Short sales have a bad rap, because you have to wait longer than a typical transaction, but if you don't have to move right away, a short sale may work well for you.
During the Great Recession, there were a great number of short sales on the market, and the banks were drowning in them. Now they only comprise about 3.5% of the market. Because our inventory of homes for sale is low, it's considered a seller's market, and your competition to get your offer accepted might be a little stiff. However, if you write an offer on a short sale listing, you most likely will have less competition. Also, on short sales, the banks only want to see one offer - whichever offer will net it the most money. If the listing agent has 2 or 3 offers, and yours is best, yours will be the one that's submitted, and the listing agent will let you know that within days. Then you wait for the bank to go through its process, and you have a very good chance of getting the home, as long as your offer is reasonable. The bank won't accept a bargain basement price - they still want market value, just like any other seller. So keep an open mind to short sales if you don't have to move right away - like they say, anything worth having is worth waiting for. :-)
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AuthorI am Rhonda Stanton, your Inland Empire real estate expert -- the market, the history and the other people that will be part of the home-buying process. ArchivesCategories |