Should I try to buy a short sale property?
If you are unsure as to what a short sale property is, it is simply a home for sale that the bank has indicated that they will accept less than is owed on the home by the current homeowner. As to the question should you consider buying a short sale there are a number of things to consider?
Are you in a hurry to move? The lender’s guidelines for a short sale #2 The person handling the short sale at the bank (loss mitigator) leaves and you start all over #3 The bank orders another appraisal (BPO) and it comes in higher than the one 6 months ago and now they want you to pay more. The list of things that can and many times do slow down the process is voluminous.
Do you mind that the home owner is still living there and trashing the place every week, while not making their mortgage payment? This can drive most people crazy, I know it does me. You find a home in a beautiful Weston subdivision and it is for sale and the Realtor says it’s a “short sale” property and a great deal. The chances are good that the person who has stopped making their mortgage payments is still living in the house. There is also a good chance that they aren’t taking care of it exactly the same way they did when they thought they would be living in it for years and years.
The other reality is that many times the home owner is angry at the bank. When this is the case the homeowners can take it out of the bank the only way they can, which is with the home. Do you know that you have virtually no recourse regardless of what kind of damage the current homeowner does to the home you are buying.
The bottom line from my experience is to pass on the short sale properties unless you have a lot of patience.
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