Short Sales Still Alive and Kicking
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Since the Real Estate bubble burst several years ago short sales have become a popular way for homeowners to escape foreclosure and rebuild their finances. Despite the positives, short sales have gained more of a bad reputation as of late, mainly due to the length and complication of these kind of transactions.
Buyers and sellers alike have grown increasingly frustrated with the process since the average short sale can take ninety days to six months. There are cases where short sales have taken up to a year or longer to close. Many buyers who submit offers on short sale properties end up walking away because of the lengthy process.
The reason short sales are so complicated is because there are so many parties involved unlike bank owned properties where you are just dealing with the bank. If you decide to purchase a short sale, you want to make sure your Realtor understands the process and is experienced in dealing with short sales.
Most importantly, you need to understand the pros and cons when it comes to short sales. Remember that once you submit and offer, don’t expect for the property to close anytime soon. It simply becomes a waiting game. If your selling your home as a short sale, make sure you meet with a tax and credit specialist before you decide to short sell your home. A short sale can have credit and tax implications.
Related articles
- When is a Short Sale The Right Move? (mickeyknowsphilly.com)
- What Is The Difference Between a Short Sale & REO? (kcrealestatepro.wordpress.com)
- Short Sale vs. Foreclosure (mickeyknowsphilly.com)
- The Better Bargain: Foreclosure or Short Sale? (greatrealtor.wordpress.com)
