What You Should Know Before Buying A Short Sale
Buying a short sale can be a great option for house hunters. But it is best to go into it with some understanding of what to expect!
Short Sales Usually Take a Few Months to Close
The word Short in Short Sale does NOT mean it will close quickly! Short Sale really means that the sale of the house will fall short of the loan amount. A short sale typically takes between 3-6 months to close. The reason for the delay is the third party of the bank having to approve all the interactions between buyers and sellers.
Short Sales Typically Sell close to Market Value
A big misconception about short sales is that you can get a big discount. This is not always the case. The bank accepting a short sale from the owner is looking to get as much money as they can. If they are going to lose too much money, a foreclosure is their favored option.
But just because you will not get a huge price reduction on a short sale does not mean you cannot find a deal, especially in a seller’s market. When there are more buyers and less inventory, a short sale can be a great option! You will have less competition and usually can get it for a little under market value.
The Success Rate of Your Realtor in Closing Short Sales REALLY Matters
Find out who you are working with. If you are planning to buy a short sale, it is very important to make sure your realtor is in the Know! A realtor that knows how to negotiate with the banks can make a huge difference in your success of the short sale. A short sale is not a guarantee and to be able to work with a realtor that has had many successful short sale transactions will greatly improve your chance of success and even how quickly you can close with a short sale.
The Best Offer Grabs the Banks Attention
Low balling a bank is not the best option. If you found the home you want and you do not want to miss out on it, you need to make sure your offer is attractive to the bank. The bank is not looking at how much you want the house or how ready the sellers are to sell, they are looking at their bottom line- how much money are they gaining or losing in the deal. Make sure to work with your realtor to put the best offer forward. If there is a lot of work that needs to be done or the bank is not considering the local market and value, your realtor can put together the information needed to prove to the bank why your offer is fair.
If you are looking to buy or sell a short sale in Northern Virginia, DC, or Maryland, please give our team a call. We would be honored to work with you and help you through this process. We have successfully closed over 300 short sales and would love if yours was next!
Jennifer Young Homes
Keller Williams Realty
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About Jennifer Young
Jennifer Young is the CEO and Team Leader of Jennifer Young Homes with Keller Williams Realty. Jennifer is a highly experienced real estate agent and industry leader specializing in the Virginia, Maryland and Washington DC market. Jennifer sells Regular Sales, Short Sales, Foreclosures, Rural Residential & Land. Her team has helped hundreds of troubled homeowners for FREE! Call Jennifer today for a free consultation at (703) 651-5655 or email her.
Hear from our clients…
Jennifer Young was a great agent, especially because of the amazing team working behind the scenes. Her and her staff knew so much about short sales.
Jennifer Young sold our home for us in Fairfax, VA and did an incredible job. It was priced right and went under contract in less than 10 days.
We worked with Jennifer Young and her team when short selling our property. They were on-the-ball and completely on top of my case at all times. .