Short Sales - For Buyers

Short sales are a reality for thousands of buyers in the Denver area market. As discussed in previous articles, getting a short sale approved is a long and cumbersome process. There are many pros and cons to purchasing a short sale.

Some of the pros are:
-Buying a house below market value
-Extended wait time for approval scares lots of buyers away so there is less competition for the homes
-Being able to get sweat equity in a home that needs a little bit of work.

Some of the cons:
-Extended wait time for approval
-The sale is not guaranteed to happen
-The bank may counter offer back at a MUCH higher price than the accepted offer between buyer and seller

What can a buyer to ensure the best chance for successfully closing a short sale deal?
1) Ensure you are working with a CERTIFIED DISTRESSED PROPERTY EXPERT. If the sellers agent is not a CDPE, then make sure your buyer's agent is and ask for your agent to negotiate directly with the bank.
2) Make sure you fully understand the Short Sale Disclosure form. There is a paragraph which allows the seller to accept multiple offers. If you want to be the only offer the bank reviews, ensure your contract is written to indicate that.
3) Ensure the negotiating agent is following up with the lenders on a consistent basis and get weekly updates. Good agents will readily provide you the information.

5280 Homes is a short sale expert and we love to help both buyers and sellers complete short sale transactions. Ben Grisinger is a CDPE and has the experience to give you the best chance of success.

If you have more short sale questions, be sure to visit http://www.my5280homes.com and click on the 'Short Sale Specialty' link. If you are interested in buying a short sale, you can search for only short sale properties on the website.