Do you believe everything you hear about the real estate market these days? While most buyers are optimistic about finding a screaming deal, the effort in which it takes to do so can tire out even the most enthusiastic of buyers. It is true that today’s buyers are in a prime position to take advantage of the many options available. But with so many different types of homes for sale in this real estate market- how do you choose which one fits you best? The short sale may be the most popular choice out of the gate based upon list price alone, but it can also be the most frustrating process to endure.
First, a real estate agent will be able to help you decipher from the good deals and the not so good deals. Many people tend to assume that a short sale is automatically a good deal and that negotiations are not necessary. In fact, the opposite is true.
In order to buy a short sale the bank must be willing to take an even further hit on the sale price of the home. This can be tricky since most banks will already believe that they are offering the home at a discount since they are losing money no matter what.
More often than not, each buyer of a short sale will find himself or herself drowning in unwanted paperwork. This emotional disconnect harbors false hope in many buyers, since real estate used to be a hand shakers business. The truth is that not all short sales are listed to sell fast. Many will remain on the market for months or even years because the bank can’t afford to sell them at market value.
Having an agent in your corner will cut out some of the guesswork and be able to draw a side-by-side analysis of which shorts sales are truly sell-able. Don’t understand short sale lingo? An agent is best primed to help explain that just because a home is “listed” as a certain price that does not mean that the bank is willing to let it go for that price. The process can be confusing and frustrating.
In the end, a buyer must realize that the short sale trap can get many potential homebuyers enticed only to be left frustrated and bemused over the course of the home search. However, there are good deals to be had, it just takes an expert in the field to close them, to find them, and to negotiate them.
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