Short Sales

I have been dealing with several first time buyers interested in Short Sales recently.  Wow have the rules changed when dealing with these properties.  If you are going to go after a short sale, make sure to give yourself plenty of time for a response from the bank and dont get your heart set on any specific property too early.  It seems as if the traditional rules dont apply to the banks and they really dont care.  Please also keep in mind that the banks are already taking big losses on these properties and they are just trying to get the highest and best deals they can.  You cannot take anything personally when dealing with banks vs. homeowners.  You often have to act fast since the pricing is set so low, that a lot of people end up putting offers in and sometimes even higher than the asking prices.  To summarize, you can get a great deal on one of these short sales, but be prepared to lose a deal or two before locking one up and be ready for some waiting.  After its all said and done, youll be smiling all the way to the bank with the deal you got, so stay persistent and be patient.
James

By: jamesosullivan | In: Realestate News | Comments: 0 | On: 08/27/2009 22:15:19

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