Even with President Obama’s plan to help home owners avert foreclosure, there will be many more short sale and foreclosures (REO) coming onto the market. Many perceive that these properties will be a deal and have a keen interest in them.
However, there are lots of hurdles to overcome in the short sale market, or hoops you will have to jump through – this is about those hurdles so you will understand what you are up against, not to deter you from considering them.
- GAINING ACCESS – sometimes easy, sometimes not.
- PRICING – list prices suggest a great deal but in reality the low price is to encourage interest and multiple offers.
- COMPETITION – everyone wants a deal and many short sales because of their pricing get multiple offers – 5, 10 or more.
- LACK OF COMMUNICATION – persistent is needed to learn the status of your offer
- BUYING THE HOME “AS IS” – the bank will likely NOT be willing to do any repairs
- EMOTIONAL STUFF – how patient ARE you? What is your frustration level?
- TIMING – how quickly do you NEED or WANT to move?
For those that have expereienced purchasing or selling a short sale or REO (foreclosure), let us know of any other issues that you came across during the transaction. We would appreciate your comments.
Posted in Home Buying Tips, Real Estate Information
