Oct
23
Short Sale - It can be Scary
Posted by under For Buyers, For Sellers, General Information
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If you are considering going this way, I would suggest you contact your lender and find out what their procedures are. Please do not wait until the last moment or you may realize that it is too late to take advantage of a short sale. Contact a Certified Short Sales Consultant at Keller Williams Realty who has the knowledge and expertise with this process and let them assist you. Please remember that timing is critical in this situation. Buyers wishing to purchase a “short sale” need to remember that it could take as long as six months before settlement occurs, if it even occurs. Therefore, buyers need to evaluate their personal situation and decide whether or not they have the flexibility and time to wait out this process. Buyers also need to remember that in a short sale, the price needs to be reasonable. If the offer is so far out of the ballpark, chances of it being approved by the lender are rather slim. Please bear in mind that real estate agents cannot offer legal or accounting advice so it is recommended that you seek legal counsel and that of your accountant as well. Jo Cross, ABRM, CRB, CRS, GRI, ePRO |
Monday, I spent three hours in a broker management continuing education class on short sales taught by a famous real estate attorney in Virginia. The class was filled with real estate brokers and managers from Hampton Roads and, at times, became rather spirited. We all learned was that the challenges the sellers face in this situation is rather daunting. Before taking the short sale route, there is so much information that needs to be evaluated and assembled. 
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