The Naked Truth About Short Sales And Pre-Foreclosures.
It looked so appealing on MLS, didn't it. The price is $90,000 below list/sale from two years ago, in a decent and workable area; your buyers are not only qualified but ready to go with their loan package, and the home? On market for 135 days. What could possibly be wrong?
Everything.
From special As-Is bank addendums and prerequisites such as dictating what type of lender and loan the seller will accept, to winterized and locked down homes buyers are expected to restore during the inspection process, greatly extended escrow days and lots of last minute grenades going off before closing and recording, the migraine headaches we never had before are festering back left of forehead.
It is true, especially now in Seattle, the Short Sale real estate industry has emerged as a huge segment of your Realtor's efforts in representing your purchase. And yes, it is indeed exciting to see SO many wonderful opportunities, but my advice is to proceed with caution and stay close to your agent, keep the phone by your bedside and increase your minutes package with the calling plan.
There are many, many pitfalls about this new market of shorts and preforeclosures. During the Go-Go years of 2003 - 2007 it was not unusual to waive disclosures and increase price to win the home. Today, banks want as many waivers as they can get and it's all about negotiation and justification of price.
Don't end up with someone else's nightmare. Be careful. Communicate. Stay centered. Be unemotional. Maybe, just maybe, that Short Sale could be yours.
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