Tuesday, October 27, 2009
by Mike Washington
While buying a short sale can save you money, the process involved can be time consuming and if you are wanting to move right in to your dream home, a short sale may not be right for you.
That being said, if you have the right kind of information and support in navigating a short sale, it's a fantastic opportunity to get a good deal!
Here are few things that can slow the process, and why it's important to have an agent working with you that knows how to handle a short sale:
1) Closing date is most often moved, a few times!
2) Getting the bank to approve the final price isn't so straight forward - remember, the bank is the one with the final say and often there are two mortgages to contend with. Hidden costs over time can end up being added in after the negotiations to pay off the mortgage price that has been agreed upon. If the utilities went into arrears, then these costs can get added in and the negotiation process has to start again.
3) Getting a walk through of the property - oftentimes the utilities are shut off due to non-payment and it is hard to get a thorough walk-through of the property.
With my help, I can take you through this process with minimal stress. If you are willing to make it work, a short sale is a good deal!