Important News and Techniques for Today's Real Estate Market

Buying Distressed Properties:  Short Sales

OVERVIEW: A Seller owes more on the property than He / She can sell the property for in today’s market. These properties can be priced significantly below fair market value, but there’s no guarantee that the bank will approve the sale. 

Please take note that "short" does not mean "quick"! 

PAY PARTICULAR ATTENTION:

• Make sure that you allow at least 90 days for closing, especially if there is more than one note on the property. The banks frequently choose to allow the properties to enter the foreclosure process rather than negotiate with any subordinate lenders and lien holders (mechanics, utilities, and HOA are the most common).
• Make any due diligence period subject to written acceptance of the offer.
• This is not the option to take if you must get in a house in a short time frame.