When you spot a short sale house that interests you, take your hand off the mouse and step away from the computer. Before you get all excited over the prospect of buying that short sale house, pick up the phone and call us. We need to research that short sale listing first.
In some real estate markets, fewer than one in 10 short sales close. Just because that home is listed as a short sale doesn't mean it's really for sale (because it's subject to lender approval), nor does it mean it will sell at the advertised price. Here are a couple of things you need to know before trying to buy that short sale.
Comparable Sales For That Short Sale House
The short sales we list in North Fulton and Forsyth Counties are all priced below comparable sales, yet they are priced in line with pending sales. Why? Because short sales take anywhere from 2 to 4 months, on average, to close, and pending sales will become the comparable sales at closing.
Some short sales are priced ridiculously low. So low that the sellers' bank will never accept them. These types of listings receive multiple offers. But all is not lost. To get your offer accepted, it will need to be priced near market value. If you're not prepared to pay above a superficial price on a lowball short-sale listing, then pass.
Short sales can be a real bargain but if you are on a defined time line to move they are usually not the answer. Tomorrow we will have more information on short sales.
Mike and Melody Vanderhoff Your Bridge To Success.
Labels: alpharetta homes for sale, cumming homes for sale, short sales
