One of the greatest strains in life is the burden of waiting. Many things are worth waiting for, what category short sales fall into are up for debate. Homeowners, agents and buyers all have a great disdain for this necessary evil. It’s the unbearable amount of time the process takes that causes so much anxiety. The question that has no answer, why do short sales take so long? There’s no rhyme or reason for what appears to be an endless process. Short sales are a hardship for the seller, whether it be on the personal side such as a loss of job or an economical reason, such as plummeting home prices. The interpretation is an owner that owes more than the property is worth.
What would possess a prospective home buyer to pursue a short sale when there are other options available? Might it be the awesome value these properties offer or the understanding there is no urgency on moving or the fact most homes in your price range just happen to be short sales. The value aspect is certainly appealing for any buyer, assuming the sellers bank agrees to such a low bid. Yes, the bank has the final say so in price and terms. Pronto would not describe short sales, they can take from two to six months or longer to conclude. A family with time on their side find these homes attractive in that way. A buyer with patience can obtain a home under valued using this method.
There are outside issues that the buyer has no control over that can thwart the sell. The seller has to prove to their bank they actually have a hardship. Their qualifications are as rigid as the buyers qualifying for a loan to purchase a home. Just because a property is being marketed as a short sale does not guarantee the home will sell in that manner. With the sellers being financially strapped and the bank taking a loss, all short sales are sold in “as is” condition. One of the bitter pills involving short sales are the sellers have discontinued making their monthly payments and a percentage of homes will foreclose while the bank is negotiating an offer from the buyer. This is one of the components that make short sales a gamble. If buyers get through the multiple roadblocks that can stymie a sell, they are in an excellent position to buy a home with instant equity. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home, scan my informative blogs, join my professional networks on Twitter and LinkedIn and easy access to view local area homes for sale in Davis, California and the surrounding communities.