Colli Real Estate

Short Sales , Foreclosures and Your Realtor

Many homes that are still on the market can be bought for discount prices if you work with a real estate agent that is astute in short sales and foreclosures. There are two fundamental problems with this type of purchase, the first being that it seems easy – but it’s not – the second that it may feel as if you are being unfair to buy a home from a suffering home -owner.

Well, in response to the ‘easy’ part, while the press would have us believe that you can ‘pick them up anywhere’ and they are ‘yours for the asking’, in fact there is much more negotiating to be done on either of these types of sales than with a normal house purchase.

With regard to the second problem, that of buying from a suffering home – owner, in fact your offer will put them out of their suffering and allow them to proceed with their life.

Even so, buying a home that is up for foreclosure or short sale may not be a quick deal. In fact, the term ‘short sale’ is a misnomer as sometimes these deals drag on into ‘long sales’! Much tolerance and politeness may be required.

There is much haggling over short sales as the Lender wants to lose as little cash as possible and you want to find a bargain! Into this pot goes the seller who must ensure that he is not liable at a later date to pay any remaining balance on the final deal, so he is concerned with the ‘pay-back’ clause.

A short sale is similar to a foreclosure, because it is like a foreclosure that has not gone to court yet. Some short sales have even been known to be finalized on the courtroom steps!

For a short sale, the Lender is legally required to accept less than the amount owed on the property. However, this type of sale does let them off having to deal with the final part of the foreclosure in court, and paying the ensuing court costs.

If a property ends up as part of a court case going into a final foreclosure, after which it will become available for sale; the subsequent sale of it can move very fast. In fact, you may find that it could move even faster than you would normally be comfortable with.

For this reason and to help steer the way through the unfamiliar terrain working with a real estate agent may help you to feel more confident. Feeling rushed will not be so nerve-wracking if you have your own real estate agent explaining and anticipating each step in turn.

Of course you need money and financing in place to commit to either sale, but for a short sale but you also need car loads of patience!

About the Author

Carolyn Capalbo is an expert military relocation specialist and real estate agent serving Northern Virginia real estate. Visit Just4Real.com to find updated market information about areas in Prince William, including Loudoun County real estate.

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