Many buyers in today’s market are looking at short sales due to the value for the $. Some key points for buyers to know when looking at offering on a short sale:
1) Closing the transaction could take up to 6 months.
2) If the short sale has a ‘bank approved’ price, it should close more easily and quickly depending on how close the buyer’s offer is to that listed price.
3) If you have to sell your home first, a short sale or bank owned home will not be an option. Banks will not allow contingencies for selling the buyer’s home typically.
4) Keep in mind that just because the list price is low or your low offer was accepted by the seller, that does not mean the bank will accept even near that amount. Typically, the banks’ approved price will depend on how much the home appraises for and what is owed.
For more information and assistance in finding a short sale or good deal for you, please contact Danielle Groeneweg (360.483.6490) or Julie Carter (360.296.6092) anytime!