As more short sales enter the market, buyers should prepare ahead of time for a long process! On the bright side, the short sale properties we have closed on recently have been a great buy for our clients and also a relief to the seller!
Home buyers need to plan in advance to be patient if they choose to go through this type of purchase. I have noticed time and again, as we start the process the purchaser is really excited about the great deal they are getting on the home but sometimes we lose that excitement when the offer on this type of property takes a long time to approve and sometimes a long time to close. Very understandable! Just try to remember that anything you invest in, that is truly worth the time and trouble, is not always easy!
Some of the most recent issues we have noticed that you may want to prepare for are.
1. Both seller and bank approve your offer but right before close, the MI or PMI company wants to approve the amount or have the seller sign a promisary note as well. This can cause delays.
2. The bank has approved your sale and liens are attached at the last minute. This can be resolved, expect delays.
3. Too much time has passed and your interest rate lock has expired-prepare for this ahead of time with your lender.
These are only a few of the many problems that can arise in this type of purchase. I highly recomend my clients use an attorney along with a Certified Distressed Property Expert (CDPE) to navigate through this type of sale. Don't plan on a closing date or order your moving truck until you have officialy closed on the short sale home. Be prepared for possible last minute issues.
In the end-are they worth the wait, the time, and the effort? Absolutely, if you are looking to save thousands! Just keep your eye on the final goal and you can achieve great results!
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