real estate


Question by  Marlon (21)

What are my chances of buying a home that is a short sale?

I would like to know about purchasing a short sale.


Answer by  cdk (42)

Chances of buying a short sale home are increased by your credit score, amount of your down payment, and ability to pay the mortgage. Equally important, however, are the financial situation, management philosophy and management competence of the financial institution holding the mortgage. Unfortunately, these are beyond your control.


Answer by  Debra (105)

It is possible to purchase a home that is a short sale, and it is possible to get a good deal on that home. However, the purchase price is usually higher than the listing price, and the process takes significantly longer than a typical sale because you are dealing with a bank instead of a home owner.


Answer by  BlueSlug (47)

Banks are extremely slow to respond to offers placed on short sale properties, and the negotiations can last for months, if you can even get the bank to engage.

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