Friday, March 29, 2013

Short Sale is an Option to Avoid Foreclosure and Bankruptcy

Real estate short sale properties can be both good and bad. If you check it in your area, you will find that there are thousands of them listed so; there's never been a better time to find a sweet deal than to own a short sale property at this time.

The Good Deal:

To avoid foreclosures, homeowners prefer to list their property in short sale on which the amount is usually less than the balance that they owed in the mortgage. By doing this, the homeowners made an arrangement with the bank and when the bank agrees with the price, the buyer can really get a sweet deal out of this. One property that we bought was listed as a short sale and since the amount was low and the property was really in good shape, we were praying to get it without a problem. The seller accepted our offer but, we have to wait for the bank's approval. The bank returned with a negative news telling the seller to raise the price. Most of the short sale properties are great but, when the bank or the lender intervenes, the process could take longer that is why; when you have problems regarding your mortgage, you need to hire a lawyer such as the las vegas bankruptcy attorney. They will be there to back you up. As a buyer, short sale is good property to have at great discount.

The Bad Part:

When the seller came back to us and requested 2K higher as demanded by the bank, we took it. Buying a short sale property can be a hassle and stressful. Do not be so convenient and rely on the price listed on the short sale property. Since it is listed at a bargain price, buyers could be multiple and could bid higher. Therefore, when they requested for 2K more, we took it because the property was worth more and we like the location, the property and it was immaculate. We were lucky that the processing was fast since we paid it in cash and extra paperwork was diminished. This means to say that when you buy a short sale property, there will be more paperwork to process, the wait is longer and in most cases, it could really take months.

When you find a short sale property that you really like, be generous with your bid. When the seller accepts your bid and you did not hear from his lender or bank, you can always extend the contract and wait longer or just let go and find another property. It is really up to you.

This is a sponsored post. All opinions and views are based on my experience and completely my own.

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