Despite some of the negative press about buying a short sale, it is a fantastic way to own an owner occupied home at a substantial discount. Why? Many short sales take place to avoid a home going into foreclosure although occasionally some homes are already in foreclosure. Either way you have a chance to buy a property for typically 10-15% Below Market value. Buying a short sale actually helps the seller avoid a “Foreclosure” on their record and helps their credit.
HOW LONG DOES IT TAKE?
Some people avoid a short sale for fear of the process taking too much time and I’ll admit that it can in some cases take months to find out if the bank will settle for less than the balance owing. Generally though if you have some flexibility (in time) you can often get a great deal and generally find out in 1-3 months. Once in a while you may come across a “Pre-approved” short sale which is a sale that may have been approved but the buyer backed out for some reason (generally timing). Those sales can close very quickly.
HOW DO I KNOW I WONT LOSE IT TO A HIGHER OFFER?
If written properly, an offer to purchase can be structured so that you and only you have the chance to buy the property. In that case the bank will either accept your offer, counter offer with a higher price or simply reject the deal all together. Basically you have nothing to loose if you are willing to take that first step to write the offer. I will say that your offer can be low but it must be reasonable in order for most lenders to be willing to accept it. I have seen homes sell for 30-45% less than the balance owed on that home so great deals are out there for the educated buyer.
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Search Property for sale in Benzie, Grand Traverse, Leelanau & Antrim Counties. Find Lakefront property on Long Lake, Green Lake, Silver Lake, Bass Lake, Boardman Lake, Dyer Lake, Lake Doubonnet, Duck Lake, Rennie Lake, Spider Lake, Indian Lake, Cedar Hedge Lake, Ellis Lake, Fish Lake, Brown Lake, Sand Lake, Muncie Lake, Arbutus Lake, Fife Lake, Little Traverse Lake, Lime Lake, Lake Leelanau, Cedar Lake, South Bar Lake, Davis Lake, Elk Lake, Lake Skegemog, Clam Lake, Lake Bellaire, Hanley Lake, Ben-way Lake, Torch Lake. Jules B. Yates (webmaster) - Associate Broker, Exit Realty Paramount, Traverse City, MI 49684 - 231-218-5199. Real Estate for sale in Northern Michigan.
The information contained herein and contained in any supplemental documents has been furnished by the seller and/or other sources. We believe these to be reliable and have made every effort to provide accurate information. However, the brokers involved are not responsible for misstatements of facts, errors, omissions, prior sale,change of price or withdrawal from the market without notice. Owners are not to be contacted directly by referral brokers, agents or prospective purchasers. All arrangements for inspection of the property must be made through the listing agent.