Absolutely! Please don’t ignore Short Sales when purchasing property! I recently spoke with a family member up North who’s looking to buy some Real Estate. She told me that her Realtor was not a fan of Short Sales and my advice to her was “Get Another Realtor.” In today’s market short sales are everywhere and it’s a good way for a buyer to get a lot more home for the money. By definition a short sale means that a lender is willing to take less than the loan amount owed on a property. If you don’t’ include short sales when you’re looking for property you’re missing out on what could be a valuable opportunity and something you will soon come to regret. I believe Real Estate is still the very best investment and the market pendulum is on an upward swing, so see it all and become an informed buyer before you sign on the dotted line.
Yes a short sale takes more work on the part of your Realtor, more forms have to be filled out, lots of phone calls will be made and follow-ups will be constant. The lender may drag their feet and settlement can take a bit longer, they may even counter your offer months after the seller has accepted it. You should be prepared to buy, in as in condition, your Realtor will advise you on all the pros and cons concerning a short sale. The first and most important issue is that the offer to purchase must have lender approval, commonly referred to as third party approval. The wait is going to be the worse part for all concerned, Seller, Buyer and Realtor, but so what, that’s what I say, so what; if you get the property in the end than it was worth everyone’s time. All real estate sales involve knowledge, hard work, time and money, but that’s what we’re in business for, a Realtor brings the seller and buyer together. Why should it matter if the seller and buyer has to have bank approval on a sale, I’m here to tell you it doesn’t matter.
For example I sold a condo for many thousands of dollars less than the seller purchased it for a few short years ago. The Seller accepted the offer and about a month later the lender countered the buyers offered price, the buyer said no and wasn’t willing to pay more, in the end the lender relented and accepted the original offer. Don’t get me wrong this will not happen every time but it does happen. So do your homework and work with a realtor who does the same, look at a short sale like any other sale, it’s on the market for a darn good reason, it’s looking for a buyer and that buyer might just be you!