Are short sales better deals than bank owned properties?
Short sales generally sell at market price. In fact, a recent Bank of America executive has stated that with short sales the goal was to get at or above market value. Part of the short sale process involves the bank getting valuations of the property from area appraisers and real estate brokers. They have a good idea of property values. Any other pitfalls to a short sale? Well, the waiting time can affect your loan. You may find your loan product could disappear or change. You can’t lock your loan rate because we don’t have an approval. Your credit report could change due to purchases and that could affect your loan as well. I have a friend who ….. Everyone’s experience with a short sale is different. Each file is different because there are different parties involved. Don’t take one person’s experience and think that is what will happen with yours. Your job is to be patient. Your agent will handle the ups and downs. Why would anybody make an offer on a short sale? Often there is som
