Looking to buy a short sale property? Well don’t buy moving boxes yet
Yes the real estate market is filled with great deals if you are a buyer. If you are searching to buy a new home then you must of come across properties labeled as short sales. A short sale is basically before a property goes into a foreclose the bank and property owner come to an agreement to sell the property and at a lower rate then what the home owner owes the bank from the mortgage. For example, if the home owner has a property worth $300K but owes the bank 250k and cant pay the bank back, the home owner and bank try to come to terms on an offer they may receive on the property so the home does not go into foreclose. So lets say the home owner received an offer from a buyer for $200K that means the Bank is willing to let the property owner off the hook and take a lower price for the home just to get some money back instead of no money.
So before you go out and buy your moving boxes just keep in mind that even though this sounds like a great deal, short sales can take time because the home owner and more so the bank want to wait and see how many offers they can receive for the property before they actually sell it. So even though you put in an offer it may take anywhere from 2 months to 1 year depending on the bank and how many short sell properties the bank has to review before it gets to your offer.
So you may want to hold off on the moving boxes and moving supplies till you hear back from the bank notifying you that your offer has been accepted.
Tags: Box Packing Tips, buying home, home for sale, short sale
